Adani Group has reacted ferociously to the claims made by Hindenburg research and has stated that allegations were “malicious, baseless and one sided and were timed to malign the public listing of its shares in capital market.
This rebuttal has come after New York based investor research firm has accused Adani Group of “Shameless, stock manipulation and accounting fraud”.
Opposition asks probing questions
Why LIC is investing Rs 300 crore in Adani Group
Randeep Surjewala, a prominent member of the Congress and a member of the Rajya Sabha, demonstrated in a series of tweets how the value of Adani’s shares had a negative impact on the market capitalization of financial institutions under government control.
Mr. Surjewala said that LIC was supported with “public money,” and that the value of its investment in Adani Group shares decreased from 77,000 to 53,000, causing a loss of 23,500 crore while LIC shares declined. ₹22,442 crore. He questioned the continued 300 crores investment by LIC in the Adani Group.
Also Read: Meet Nathan Anderson: Man behind the colapse of Adani stocks
Why SBI Pension Fund and SBI Life still investing Rs 225 crore in Adani Group
Mr. Surjewala stated that SBI’s market capitalization had dropped by a staggering 54,618 crore, and that the banking industry’s exposure to the Adani group’s credit stood at 81,200 crore. He questioned why SBI Employees Pension Fund and SBI Life are still investing 225 crore in Adani Group in light of this circumstance.
Why is Centre mum
The Congress leader also questioned why government entities including Finance Minister Nirmala Sitharaman, the Enforcement Directorate, the Serious Fraud Investigation Office, the Central Bureau of Investigation, and the Securities Exchange Board of India (SEBI) were all “silent.” remains.
Priyanka Chaturvedi, the deputy leader of the Shiv Sena faction in the Rajya Sabha led by Uddhav Thackeray, echoed these issues
“LIC witnessed a 22% fall in its holding in the last two days, with its share price falling 3.5% during the day and 5.3% in two days. It is the hard earned money of the people of India that is being pumped and sucked. Hope SEBI and RBI are watching and taking action.”
Banks will sink – Adani will be set free
Jawahar Sarkar, a Rajya Sabha member of the Trinamool Congress, added to the conversation on Twitter, saying, “I know from 40 years in government that big investments by LIC require the approval of the Finance Minister or the Prime Minister.” Don’t know why they are bent on destroying an excellent institute that caters to the needs of the middle class!
Swiss credit sites have long issued warnings. “The Modi government didn’t listen, our banks will now sink – your money, my money will sink – while Adani will be set free!” Sarkar continued.
Also Read: Budget 2023: Industry Expectations from Union Budget 2023 amid signs of Global economic downturn
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