When shares of the Adani Group, until recently India’s largest conglomerate, began their free fall late last month, shedding more than $100 billion in days, some observers worried that the collapse could bring down the country’s capital markets, and with them the Indian economy.That would be a frightening prospect not just for India but for the world. The country’s economy recently passed Britain’s to become the world’s fifth largest, and it is the only big one — China’s included — that has clocked strong and steady growth since pandemic restrictions were relaxed.But the fears of a broader market contagion have not come to pass. Indian equities as a whole enjoyed a calm week in Mumbai, the country’s financial center, …
