Markets are believers.

"Adani Group companies saw their share prices gain up to 14% for the third day in a row. Adani Green Energy Ltd share price led the gains rising up to 14% in morning trades." Mint. "Like most other Adani Group stocks, Adani Total Gas Ltd shares also continued their strong upmove," as its price hit a high of Rs 862.15, a rise of 48.72% in three trading sessions. BT. "Mr Gautam Adani, Mr Sagar Adani and Mr Vneet Jaain have not been charged with any violation of the FCPA in the counts set forth in the indictment of the US DOJ or civil complaint of the US SEC," the Adani Group said in a statement. FCPA refers to the US Foreign Corruption Practices Act. "These directors have been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy, (ii) alleged wire fraud conspiracy and (iii) alleged securities fraud," according to a stock exchange filing by the Adani Group. TOI. "Adani is what in geopolitics is called a 'national champion'." He is India's answer to China's Belt and Road Initiative (BRI). "During Korea's dizzy economic rise from 1960 onwards, a few business groups called the 'chaebol' - including Hyundai, Daewoo, and Samsung - emerged as champions, getting favors and subsidies aplenty while giving kickbacks to politicians. This did not ruin their image," wrote Swaminathan SA Aiyar. Notably, Korea's meteoric economic growth and the rise of chaebols, known as the Miracle on the Han River, occurred during the dictatorship of Park Chung Hee from 1962 until his assassination in 1979. wikipedia. Whereas, "India is a mother of democracy; India is also a model of diversity," said Prime Minister Narendra Modi in his speech on Independence Day in 2023. DH. Both Mr Modi and Adani are from Gujarat. In a democracy the law should apply equally to everybody. Indian states had entered into power supply agreements (PSAs) with the Solar Energy Corporation of India (Seci), a Navratna Government of India Enterprise (seci.co.in) but wanted to buy cheaper power from other sources. "The bottom line for both Azure and Adani Green was that they each stood to lose billion of dollars of potential revenue unless state governments and their related Discoms (distribution companies) entered into PSAs with Seci," US Securities and Exchange Commission said. Seems logical. "How come US authorities found wrongdoing when none was spotted by our agencies? Amidst all this is the deafening silence of Indian business leaders. This is no trivial matter and impacts the reputation of the entire business community," wrote Amol Agrawal. According to Transparency International, India's score on the Corruption Perception Index improved by three points from 2013 to 2023. However, instead of punishing corruption "Indian businesses and government may instead double down on attempts to be more financially self-sufficient when funding strategic assets like energy." Reuters. The stock markets show that Adani is safe. Are we?