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There is a possibility of an uproar in Parliament today regarding Hindenburg’s report on Adani Group. The Congress has given notice for discussion on the matter in both the Houses. Earlier on Monday, the opposition remained adamant on demanding a discussion on the Adani case in Lok Sabha and Rajya Sabha, due to which the proceedings in both the Houses were adjourned minutes after the start.
On the other hand, since the publication of the report of American short-seller Hindenburg Research, the shares of Adani Group are also witnessing a continuous decline. Shares of Adani Enterprises have lost about 55% in 13 days. Shares of the company fell 5% on Monday morning. However, later the stock showed recovery and closed at Rs 1,554, down only 2%.
Congress performance across the country
The Congress party protested outside the offices of LIC and SBI across the country demanding a parliamentary panel (JPC) or Supreme Court committee to probe the financial transactions of the Adani Group. On Monday evening, Congress MP Rahul Gandhi said that the government does not want a debate on Adani in Parliament. The government is scared. Modiji will try his best that there is no debate on Adani in Parliament. I have been raising this issue since 2-3 years. What is the power behind Adani. It should come out. The Congress has the support of 15 opposition parties.
In Maharashtra, Congress demonstrated in front of LIC and SBI offices.
Adani slipped to 18th place in the list of rich
Gautam Adani’s net worth has increased to $ 60 billion after the fall in shares. Last year it was close to $150 billion. Adani moved to the 18th spot in Forbes’ real time list of the rich released on Monday. He had slipped to 22nd position on Friday. Before February 27, Adani was the third richest person in the world and number one in Asia.
Big things of the last 13 days after the Hindenburg report...
January 24: Hindenburg released a 106-page report, making major allegations like stock market fraud and money laundering on the Adani Group.
January 27: Adani Enterprises brought FPO of 20,000 crores. Got only 1% subscription on the first day. The price band of the offer was kept at Rs 3,112 to Rs 3,276 per share.
January 29: The FPO of Adani Enterprises is fully subscribed. On the same day, Adani Group called Hindenburg’s report wrong. Said- This is an attack on India under conspiracy. The group replied in 413 pages.
January 30: Hindenburg Research said- 88 questions were asked to Adani. Out of them he failed to answer 62. Fraud cannot be hidden in the name of nationalism. Hindenburg termed Adani Group’s reply as a bloated response.
February 1: Adani Group canceled the fully subscribed FPO worth Rs 20,000 crore and talked about returning the money to the investors.
February 2: Gautam Adani gave a video message after canceling the FPO. In this he said, ‘For me the interest of the investors is paramount.’ On the same day, the opposition created a ruckus in the Parliament, RBI has asked all the banks of the country to give details of loans and investments given to Adani Group. NSE added three stocks of Adani Group to the Additional Surveillance Measures (ASM) list for short term.
February 3: Advocate ML Sharma has filed a petition in the Supreme Court seeking registration of FIR against Hindenburg Research founder Nathan Anderson and his associates for exploiting and cheating investors.
February 6: A fresh petition has been filed in the Supreme Court demanding an inquiry into the Hindenburg report on the Adani Group under the leadership of a retired judge.
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