Hundreds of demonstrators from India's main opposition party turned out Monday in India's capital New Delhi and other cities demanding an investigation into allegations of fraud and stock price manipulation by India's second-biggest business group, headed by coal mining tycoon Gautam Adani.
The Adani Group said Monday that its major investors, known in India as "promoters," had pledged to prepay US$1.1 billion in share-backed loans due for repayment by September 2024. The repayments include shares in Adani's ports business, Adani Green Energy and Adani Transmission.Members of the opposition Congress party have been urging Prime Minister Narendra Modi to order an investigation into Adani Group companies after a U.S.
So far, there is no sign the fracas was spreading across India's financial sector and the protests are more a reflection of political theater rather than spontaneous public outrage. Lawmakers disrupted Parliament proceedings for a third day on Monday as calls mounted for India's market regulator to look into Hindenburg's claims.
"What action has been taken, if ever, to investigate the serious allegations made over the years against the Adani Group?" Jairam Ramesh, the Congress Party's general secretary, said in a statement issued over the weekend. "Is there any hope of a fair and impartial investigation under you?" he said in a reference to Modi.
The wild swings in share prices have highlighted concerns over corporate governance, especially as the country tries to woo foreign investors. Finance Minister Nirmala Sitharaman on Friday dismissed concerns the controversy would alarm global investors, saying India's financial markets are "very well regulated".
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