Art school teacher Sagar Kambli gives final touches to a painting of Gautam Adani highlighting the ongoing crisis of the Adani group in Mumbai on Friday. AFP
The company, the flagship of India’s second-largest conglomerate, cancelled a share offering meant to raise $2.5 billion earlier this week after US short-selling firm Hindenburg Research issued a report accusing it of market manipulation and other fraudulent practices. Adani denies the allegations.
Opposition lawmakers blocked Parliament proceedings for a second day on 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.
"We have no connection″ with the Adani controversy, Parliamentary Affairs Minister Pralhad Joshi told reporters outside Parliament on Friday.
In an interview with CNN News 18, Finance Minister Nirmala Sitharaman brushed off concerns that the losses would spook global investors and said India's financial market was "very well regulated.”
Gautam Adani speaks at the World Congress of Accountants in Mumbai. File / AFP
"As a result, the investors' confidence which existed before shall continue even now,” she said, adding that the controversy wasn't "indicative of how well Indian financial markets are governed.” At least one prominent international investor, French oil giant TotalEnergies, defended its investments in Adani. TotalEnergies said it has limited exposure to the current problems and has not re-evaluated its stakes in Adani businesses.
The French company said it had carried out due diligence when it making $3.1 billion in investments in Adani, and that the entities TotalEnergies invested in "are managed in accordance with applicable regulations.”
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 over a private company's shares and their market movements. "Regulators are looking into” what happened, he said.
The market watchdog, the Securities and Exchange Board of India, has not commented. The Economic Times newspaper reported, citing unnamed SEBI sources, that it had asked stock exchanges to check for any unusual activity in Adani stocks.
Shares in Adani Enterprises fell as much as 30%, to Rs1,017 ($12), on Friday. At the end of trading, the price had recovered to Rs1,531 ($18.70) but was still down by 2%. The company's share price has plunged more than 50% since Hindenburg released its report last week, when it stood at Rs3,436 ($41). Stock in six other Adani-listed companies was down 5% to 10% on Friday.
The Modi establishment faced a double whammy as India was celebrating Republic Day last week. Even as it was trying to contain the fallout of the British Broadcasting Corporation’s documentary “India: the Modi question”, the US activist group Hindenburg Research shook the business empire of Gautam Adani to
MSCI's ex-Japan Asia-Pacific shares index rose 0.2%, a day after it hit a two-month low while in Europe, the pan-European STOXX 600 index fell 0.3%.
Adani Group Chairman Gautam Adani has achieved a remarkable milestone amid the COVID-19 pandemic, as he added the highest wealth to his fortune in the world, as per the latest Bloomberg billionaires Index. Adani is now the 26th richest person in the world.
The UAE-Israel Comprehensive Economic Partnership Agreement, which was signed on May 31, 2022, will come into effect on April 1, 2023.
In line with the keenness of Dubai Electricity and Water Authority (DEWA) to enhance cooperation with international companies and exchange best international experiences
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, stated that the UAE leadership believes