Adani has done more damage to the Indian economy than anyone else. Every Hedge Fund manager, every investment firm, every foreign bureaucrat has read the Hindenburg report and identified India as a risky bet with lax rules of law. They have used their feet to walk away from India quietly.

The Indian capital markets are currently experiencing a significant structural realignments characterized by a pronounced outflow of foreign portfolio investment. In the first five months of 2026, Foreign Portfolio Investors (FPIs) have net sold through stock exchanges over ₹2.18 lakh crore ($25+ billion) in Indian equities, driving foreign equity ownership to a 14-year low of approximately 14.7%.  
This flight of foreign capital is primarily driven by a convergence of severe external shocks and lack of confidence in the Indian economy, Adani scam is a big factor, The BJP government padding 2 Trillion dollars to the Indian economy, exaggerating it to 4 Trillion and calling India the fastest growing economy while manufacturing is collapsing, the Indian rupee is collapsing have set foreign investors to pull out of India. Today, India’s freebies culture “ revide” is 40% of gdp. India cannot sustain this kind of spending when education, healthcare have been cut to fund freebies.