Monitoring Desk
ISLAMABAD/BENGALURU: Lawmakers of India’s major opposition party kicked off planned protests at some state-run companies Monday over the issues at Adani group, whose seven listed firms saw another sell-off that drove their market loss to 112 billion dollars in under two weeks.
According to Reuters, members of the Congress party have a programme to protest outside several offices of state-owned insurer Life Insurance Corporation and State Bank of India, both of which have exposure to Adani group companies.
At the protest sites in Mumbai, citizens held up banners with the words “Save State bank of India”, television footage showed. The crisis was triggered by the United States-based short-seller Hindenburg Research’s Jan. 24 report that accused the Adani group of stock manipulation and use of tax havens.
The Adani group, one of India’s famous conglomerates, rejected the criticism and denied wrongdoing in detailed rebuttals but has failed to arrest the unabated fall in its shares.
Adani Group
In the brutal fallout of Hindenburg’s report, Adani flagship company Adani Enterprises Ltd has forced to abandon a 2.5 billion dollars share sale last week, and group chairman Adani lost his post as Asia’s richest man and slipped down the international rankings of the wealthy.
Gautam Adani and Narendra Modi, Prime Minister of India are from the same state. Gautam has denied allegations by Modi’s opponents that he had benefited from their close relations, and the government has denied allegations of favouring Gautam.
