Adani woes spur protests as stock turmoil turns political

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Hundreds of demonstrators from India’s main opposition party turned out Monday in India’s capital New Delhi and other cities demanding an investigation into allegations of fraud and stock price manipulation by India‚Äôs second-biggest business group, headed by coal mining tycoon Gautam Adani.

The Adani Group said Monday that its major investors, known in India as ‚Äúpromoters,” had pledged to prepay $1.1 billion in share-backed loans due for repayment by September 2024. The repayments include shares in Adani’s ports business, Adani Green Energy and Adani Transmission.

Shares in Adani Ports & Special Economic Zone jumped 9% after the announcement.

Members of the opposition Congress party have been urging Prime Minister Narendra Modi to order an investigation into Adani Group companies after a U.S.-based short-selling firm, Hindenburg Research, accused them of various fraudulent practices. The Adani group has denied any wrongdoing.

 

 

HIDAYAT TV Official
www.hidayattv.uk

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