Nirma University Journal of Business and Management Studies
Gunjan Anand1
, Arpan Shrivastava2 and Arpita Shrivastava3
1Institute of Management, Nirma University, Ahmedabad, Gujarat, India
2IPS Academy, Institute of Business Management & Research, Indore, Madhya Pradesh, India
3Anil Surendra Modi School of Commerce, SVKM’s Narsee Monjee Institute of Management Studies, Mumbai, Maharashtra, India
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This educational case study analyzes the governance and strategic problems that the Adani Group faced in connection with numerous high-visibility crises from 2023 to 2025. Following allegations of financial misconduct and an indictment by the U.S. Department of Justice, the case places students at a decision point in time (November 2024), with respect to declining market valuation, heightened scrutiny from regulators, and reduced trust by key stakeholders, while still grappling with how to maintain their aggressive growth plan. Throughout this case, there is a tension between continuing to expand as a means of signaling strength through resilience versus pausing to implement governance processes. Finally, it raises larger issues faced by many conglomerates in developing markets, such as concentrated ownership structures, leveraged businesses/operations, and complex regulatory environments associated with cross-border transactions or businesses where domestic and international regulations apply.
Corporate governance, emerging markets, growth strategy, risk
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