NEW DELHI (AP) — Losses for the troubled Adani Group, India’s second-largest conglomerate, deepened on Friday as shares in its flagship company tumbled another…
Losses for the troubled Adani Group, India’s second-largest conglomerate, deepened on Friday as shares in its flagship company tumbled another 25%, extending over a week of declines that have wiped out tens of billions of dollars in market value.
The debacle, which led Adani Enterprises, the group’s flagship company, to cancel a share offering meant to raise $2.5 billion, has drawn calls for regulators to investigate after a U.S. short-selling firm, Hindenburg Research, issued a report claiming the group engages in market manipulation and other fraudulent practices. Adani denies the allegations.
Opposition lawmakers blocked Parliament proceedings for a second day Friday, chanting slogans and demanding a probe into the business dealings of coal tycoon Gautam Adani, who is said to enjoy close ties with Prime Minister Narendra Modi.
The government has remained silent. A Finance Ministry spokesperson told The Associated Press there were no plans for any comment. Amit Malviya, the governing Bharatiya Janata Party’s information and technology chief, said in a television interview that the opposition was using Adani’s crisis to target the Modi government and that “regulators are looking into” what happened.
