As a retail investor, I have never bought shares of any Adani company. Most mutual funds also stayed away from them. Crony capitalism has always been a hallmark

As a retail investor, I have never bought shares of any Adani company. Most mutual funds also stayed away from them. Crony capitalism has always been a hallmark of Indian economy especially before economic liberalisation in 1991. Advani's main rival and India's richest man Mukesh Ambani and his father built their empire on favourable government regulations. It has happened across party lines. But with Adani is has been so brazen and so blatant that it's not even shocking anymore. One day my electricity provider suddenly became Adani, then my city's airport became Adani's. Ports, airports, highways, utilities all the critical infrastructure was suddenly being sold off to Adani. All funded by debt. While one must admire the ambitious nature of Adani, it definitely felt like it was spreading too fast too thin. The mysterious rise in Adani company shares in last 2-3 years made me even more resolute in not owning any Adani stock. You just don't know when the bubble will burst. What is worrisome is that one of the largest lenders to Adani is public sector bank SBI. Another investor is India's largest and state owned insurance company LIC. LIC and SBI have been used as piggy banks by successive governments. A bank in trouble, SBI saves it (Yes bank), state owned company's IPO not doing well? LIC steps into buy it. It's public money which the governments waste on saving their friends. And the irony is public sees nothing wrong in it.