Adani-Hindenburg row: SC to hear pleas on ‘conspiracy that tarnished India’

Adani-Hindenburg case: PILs, or public interest litigations, have been filed by two advocates and will be heard by the top court.”The report has tarnished image of (the) country. It is affecting the economy…” Tiwari said in his petition. Sharma’s petition claimed media hype over the report had affected the markets, and that Hindenburg founder Nathan Anderson had failed to provide proof of his claims to Indian regulator SEBI.Hindenburg’s report – which claims ‘brazen accounting fraud… stock manipulation’ by the Gautam Adani-led group -has triggered a massive row, with the opposition targeting the ruling Bharatiya Janata Party over alleged links between prime minister Narendra Modi, and his government, and Adani.

The Congress and other opposition parties, including the Trinamool, the Dravida Munnetra Kazhagam and the Shiv Sena (ex Maharashtra chief minister Uddhav Thackeray’s faction), have forced multiple adjournments of Parliament’s Budget session, demanding allegations against Adani be probed.

Opposition leaders have also flagged the ‘large exposure’ of public financial bodies like the Life Insurance Corporation and the State Bank of India, which have invested in Adani stocks.

On Tuesday Congress MP Rahul Gandhi attacked the ruling BJP over the sharp rise in the Adani Group’s fortunes, linking State foreign visits to global gains by the Gujarat billionaire.

The Hindenburg report triggered a massive rout of Adani stocks and market value, with the flagship firm losing over $120bn in days, forcing the cancelling of a $2.5 billion FPO. Some stocks rallied – many on the back of loan pre-payment notices – but Adani Group shares dropped at the start of trading today.The government has distanced itself, pointing to regulatory bodies capable of taking required action. Last week union finance minister Nirmala Sitharaman referred to SBI and LIC statements that said exposures were ‘well within limits’.

Leave a Reply

Your email address will not be published. Required fields are marked *