TOKYO -- In recent weeks, the financial world has been transfixed by the stock-market collapse of India's Adani Group. Following a scathing report by U.S. short seller Hindenburg Research, companies in Gautam Adani's conglomerate have lost around half their value -- more than $110 billion.
But even after the fall, Adani companies remain richly valued according to traditional stock-market measures, with price-to-earnings ratios that are far higher -- sometimes several times higher -- than many of India's or the world's most high-powered businesses.
