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Adani crisis spills over into street protests as losses top $110 billion

NEW DELHI (Reuters) — The crisis engulfing the Adani Group intensified on Monday as hundreds of members of India’s opposition parties took to the streets to press for a probe into allegations by a U.S. short-seller against the conglomerate which triggered its market rout.

Shares in billionaire Gautam Adani’s companies have been in free-fall since a Jan. 24 critical report by Hindenberg Research, with group cumulative market losses now topping $110 billion, sparking fears of wider financial contagion.

Opposition parties, who last week called for a parliamentary panel to investigate the saga and disrupted proceedings, have questioned Indian Prime Minister Narendra Modi’s closeness with Adani.

Protesters on Monday also expressed anger about investments made by state-backed Life Insurance Corporation (LIC) and State Bank of India (SBI) in the Adani Group.

Adani has rejected in detailed rebuttals the Hindenberg report’s allegations of stock manipulation, use of tax havens and criticism that it had unsustainable debt.

Business

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2023-02-08T08:00:00.0000000Z

2023-02-08T08:00:00.0000000Z

https://thekoreatimes.pressreader.com/article/281659669197717

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