Modi's party has 'nothing to hide or be afraid of' on the controversy over Adani group, the home minister said.
FILE PHOTO: Indian Prime Minister Narendra Modi gestures as chief of India's ruling Bharatiya Janata Party Amit Shah looks on after releasing their party's election manifesto for the April/May general election, in New Delhi, India, April 8, 2019. REUTERS/Adnan Abidi
Led by billionaire Gautam Adani, the business house's seven listed companies bearing his name have together lost about $120 billion in market value since a Jan. 24 report by Hindenburg Research alleged improper use of offshore tax havens and stock manipulation. The Adani group has denied the allegations and threatened legal action against Hindenburg.
"But in this, there is nothing for the BJP to hide and nothing to be afraid of," Shah added, referring to the ruling Bharatiya Janata Party . The Adani crisis has stalled parliament, ignited street protests by the opposition, sparked off investigations by regulators and weighed on the broader markets in a challenge to Modi ahead of a string of state elections this year and general elections next year.
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