Adani's crisis is casting a cloud over India — and it could benefit China, which is just reopening after 3 years of COVID isolation

• A crisis at the Adani Group is clouding over India just as China reopens.
• A US short seller report alleging market manipulation and fraud at the Adani Group has caused a market rout.
• This is raising concerns about corporate governance in India and could benefit China.

Until recently, India was having a moment — its stock market was posting solid gains and potential investors were looking at the country as the new factory of the world to replace China.

But a major scandal engulfing Gautam Adani, the founder and chairman of one of the country's largest business empires, is clouding over India Inc right now.