Tag: Adani

Cong steps up attack against govt over Adani row; accuses PM of ‘saving his friend’

[ad_1]
New Delhi: The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a “mega scam” as it involved public money.
Opposition parties have been demanding a joint parliamentary probe or a Supreme Court-monitored investigation into the allegations of fraud and manipulation by the US-based short-seller Hindenburg Research against billionaire Gautam Adani’s companies that have triggered an unprecedented stock crash.
“Due to the investment made by LIC-SBI in Adani Group, the money of common citizens of the country is sinking. The Opposition is demanding an inquiry into the entire matter,” the Congress said.
The party also said that it has been two days, and the Opposition is demanding a discussion on the Adani issue in Parliament.
“The money of the people of the country invested in LIC-SBI is sinking. The opposition wants to raise the voice of the public in the House and discuss their concerns. But, PM Modi is running away from the discussion, saving his friend. Fear of what,” the opposition party asked.
Adani Group has lost more than USD 100 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in the January 24 report. The group has denied any wrongdoing and has threatened to sue Hindenburg.
“Dow Jones dropped Adani from Sustainability Indices. Action is being taken against Adani all over the world, but PM Modi is quiet. Where are SEBI, ED, ROC, and SFIO? When will our government take action,” the Congress asked on Twitter.
The opposition parties met in the morning in the chamber of Leader of Opposition in Rajya Sabha Mallikarjun Kharge and coordinated their strategy for the day.

While 16 parties including the Congress, RJD, AAP, DMK, SP, CPI, CPI-M, BRS, Shiv Sena (Thackeray), JDU, NCP and NC participated in the meeting on Friday, Trinamool Congress did not attend the same. TMC was present in the Thursday meeting of opposition parties.
The Opposition later stalled the proceedings of both Houses of Parliament, which failed to transact any business and were adjourned within minutes.
“Parliament adjourned for another day because the Opposition demands a JPC on the PM-linked Adani issue that is playing havoc on the savings of crores of Indians,” Congress general secretary Jairam Ramesh said.
“Modi sarkar says MPs are wasting public money. What about the crores people have lost over the last few days of the ‘Maha mega scam,” he asked.
He also accused the government of being fearful of the Opposition demands for a JPC on the Adani issue and alleged that the business group has patronage at the highest levels.
Congress spokesperson Supriya Shrinate said,”the difference between the global financial community and India’s approach to allegations against Adani is stark.”
“Distant third parties like S&P Dow Jones remove Adani Enterprises on the severity of allegations. Our own regulators and government remain inactive and silent despite 10 days of mayhem,” she said on Twitter.
Shiv Sena Rajya Sabha MP Priyanka Chaturvedi also wrote to the SEBI chief demanding action on the Adani issue not just for the sake of shareholders who are losing their money but also in the national interest.
“Reminding SEBI about its authority to regulate the markets and ensure transparency, compliances are met with so as to not shake the investor confidence & wipe off wealth of investors,” she said on Twitter.
TMC MP Mahua Moitra also tweeted:”S&P Dow Jones removes Adani Enterprises from Dow Jones indices due to stock manipulation and accounting fraud charges.
“Why is NSE not reevaluating index membership of Adani stocks when international ones are.”
[ad_2]
#Cong #steps #attack #govt #Adani #row #accuses #saving #friend
( With inputs from www.siasat.com )

February 3, 2023
Adani crisis: Banking sector resilient and stable, says RBI

[ad_1]
Mumbai: Amid concerns over banks’ exposure to the embattled Adani Group, the Reserve Bank on Friday said India’s banking sector is resilient and stable, and the central bank maintains a constant vigil on the lenders.
Responding to media reports expressing concern about the exposure of Indian banks to a “business conglomerate”, the Reserve Bank said in a statement that it is constantly monitoring the banking sector.
However, the RBI did not name the Adani Group.
As per the current assessment, the RBI said, “the banking sector remains resilient and stable. Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy.”
“As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintaining financial stability. The RBI has a Central Repository of Information on Large Credits (CRILC) database system where the banks report their exposure of Rs 5 crore and above which is used for monitoring purposes,” the central bank said.
The RBI, the statement said, remains vigilant and continues to monitor the stability of the Indian banking sector.
It further said that banks are also in compliance with the Large Exposure Framework (LEF) guidelines issued by the RBI.

[ad_2]
#Adani #crisis #Banking #sector #resilient #stable #RBI
( With inputs from www.siasat.com )

February 3, 2023
PIL in SC seeks prosecution of short sellers for ‘artificial’ crashing of Adani Group’s stock value

[ad_1]
New Delhi: A PIL has been filed in the Supreme Court, seeking the prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US, for allegedly exploiting innocent investors and the “artificial crashing” of the Adani Group’s stock value in the market.
Hindenburg engages in activist short selling, which involves selling borrowed stocks with the hope of buying the same at a lower price later. If the prices fall on the expected lines, the short sellers make a killing.
The investment research firm, which invests its own capital, takes such bets based on its research, which looks for “man-made disasters” such as accounting irregularities, mismanagement, and undisclosed related-party transactions.
The public interest litigation (PIL) matter filed by advocate ML Sharma also seeks directions for declaring short selling an offense of fraud against the investors, to be prosecutable under section 420 (cheating) of the Indian Penal Code (IPC), read with the provisions of the SEBI Act.
Sharma told PTI that his PIL has been registered and numbered by the apex court registry.
The PIL seeks the court’s directions for the registration of an FIR, recovery of the short sellers’ turnover, their prosecution to protect the citizens of India and further action against them for “duping the Indian share market and innocent investors for their vested interest to provide complete justice”.
In his petition, Sharma has said being the regulatory body in the stock and commodity market, the Securities and Exchange Board of India (SEBI) is responsible for a control over the share market and the suspension of trading in which stocks have been oversold or they did a short sale.
According to the PIL, the cause to file the petition arose to the petitioner on January 25, when despite having prior information, the SEBI did not suspend trading qua the Adani Group shares and allowed the short sellers to crash the share market artificially and square up their short-selling position at the lowest rate by “butchering/exploiting” innocent Indian investors in violation of laws.

The shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stocks of Adani Enterprises tumbled 20 percent to Rs 1,173.55, the lowest in a year, on the Bombay Stock Exchange (BSE).
The Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share-price manipulation, against the business conglomerate led by industrialist Gautam Adani.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
[ad_2]
#PIL #seeks #prosecution #short #sellers #artificial #crashing #Adani #Groups #stock
( With inputs from www.siasat.com )

February 3, 2023
LIC, SBI’s exposure within permitted limits: Sitharaman on Adani issue

[ad_1]
Union Finance Minister Nirmala Sitharaman on Friday responded to the Adani-Hindenburg issue in an interview with News18, citing the statements of the SBI and the LIC.
She also reiterated that their exposure to Adani Group stocks is well within permitted limits and that they are still profitable despite falling valuations.
Amid continued disruptions in both houses of Parliament over US-based research firm Hindenburg’s allegations against Adani group, Parliamentary Affairs Minister Pralhad Joshi on Friday said that the government has nothing to do with the matter and the opposition is raising it as it is bereft of issues.
Speaking to reporters in Parliament, Joshi, when asked about the government’s stand on the Adani group issue, said that the government has got nothing to do with the matter.
“Government has nothing to do with it (Adani group issue)… The opposition is disrupting the house as it has no other issues,” the Parliamentary Affairs minister said.
Subscribe us on
[ad_2]
#LIC #SBIs #exposure #permitted #limits #Sitharaman #Adani #issue

( With inputs from www.siasat.com )

February 3, 2023
Adani Group employees to use public toilet to restore confidence in investors that they are eating well

[ad_1]
The Adani Group has shed over $108 billion in market value since Hindenburg Research accused the company of stock manipulation and accounting fraud in a Jan. 24 report. Investors are losing confidence in Adani Group and retails investors are now into panic selling mode.

However, Adani is taking steps to restore confidence among the investors and in one such attempt, Adani has asked Adani Group employees to take dump at public toilets to show the investors and public that the employees are being fed well. Adani wants to show that he still has enough assets and cash to repay all his debts.

Soon after a picture of Adani group employees taking dump at a public toilet went viral on social media, the Adani share price witnesses a rise. Experts have suggested Adani to wear Rs 80,000 sneakers in Public and use atleast iPhone 14 (if not pro or pro max).

Adani himself has started drinking black water, which is one of the costliest packaged drinking water. Apart from Adani only Kohli drinks black water. These are only a few steps that Adani Group is taking to restore confidence in investors.

[ad_2]
#Adani #Group #employees #public #toilet #restore #confidence #investors #eating
[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]

February 3, 2023

Adani falls off world’s top 20 billionaire list as net worth dips further

[ad_1]

Gautam Adani whose net worth is continuously falling after the release of the Hindenburg report now lost the spot in the world’s top 20 billionaire list.

Today, he lost over Rs 1680 crore as stocks of his group’s companies continue to lose market capitalization.

Most of the group’s stocks are locked in their respective lower circuits. These stocks include Adani Transmission, Adani Green Energy, Adani Wilmar, Adani Power, Adani Total Gas, and NDTV.

Currently, with a net worth of USD 57.5 billion, Adani is at the 22nd spot on the list of billionaires in the world.

Hindenburg effect

It all started after Hindenburg research firm released a report raising concerns about shares of Adani Group companies having a possibility of declining from their current levels, owing to high valuations.

Soon after the release of the report, the stocks of companies belonging to the group started falling.

Though, the group responded to allegations and narrative peddled by the firm in a 400-page response, some of the group’s companies are still witnessing sharp sell-off.

Due to the Hindenburg effect, the net worth of Gautam Adani which was USD 134.2 billion on December 13, 2022, fell to USD 57.5 billion now.

Gap between Gautam Adani and Mukesh Ambani widens

Due continuous fall in the stocks of the group firms, the gap between the net worths of Gautam Adani and Reliance Industries Limited (RIL) chairman Mukesh Ambani is widening for the past two days.

Ambani who once again become the richest person in India on February 1 is currently at the eleventh position in the world’s billionaire list. His net worth is USD 82.4 billion.

No Indian in world’s top 10 billionaire list

After the exit of both Gautam Adani and Mukesh Ambani, no Indian is left in the world’s top 10 billionaire list. Currently, there are eight American and one French, and one Mexican on the list.

Name	Net worth	Country
Bernard Arnault	$217.5 billion	France
Elon Musk	$183.2 billion	United States
Jeff Bezos	$136.0 billion	United States
Larry Ellison	$113.6 billion	United States
Warren Buffett	$108.3 billion	United States
Bill Gates	$106.1 billion	United States
Larry Page	$92.8 billion	United States
Carlos Slim Helu	$90.8 billion	Mexico
Sergey Brin	$88.8 billion	United States
Steve Ballmer	$84.8 billion	United States

The list is topped by Bernard Arnault who is the chairman and CEO of the world’s luxury goods company LVMH. He is a French citizen.

Currently, with a net worth of USD 217.5 billion, he is the only person in the USD 200-billion club.

[ad_2]
#Adani #falls #worlds #top #billionaire #list #net #worth #dips

( With inputs from www.siasat.com )

February 3, 2023

Adani issue: RS, LS adjourned till 2.30 pm as Oppn demands discussion

[ad_1]
New Delhi: Both Lok Sabha and the Rajya Sabha were adjourned on Friday till 2.30 pm following an uproar by the opposition members demanding a discussion on the Adani issue.
In Rajya Sabha
Soon after the house met for the day, RS Chairman Jagdeep Dhankhar rejected the 15 adjournment notices filed by members of various opposition parties to discuss the Adani group issue in the wake of allegations made against the conglomerate by a US-based short seller.
The chairman urged members of the Rajya Sabha to maintain order and allow the listed business of the House to be taken up. But unrelenting opposition members raised an uproar over the rejection of their adjournment notices.
Dhankhar told the protesting members that Parliament is the essence and the North Star of democracy. It is a place for discussion and deliberation and not a place of disturbance, he said.
“I have received 15 notices under Rule 267 from different members…I have gone through all the notices. I am unable to accede to them as these are not fulfilling the requirements of rule 267,” the chairman said, leading to uproar from opposition members.
He then adjourned the house till 2.30 pm, as opposition members continued to cause uproar.
In Lok Sabha
Soon after the House met for the day, opposition members were on their feet shouting slogans and demanding a probe into the tanking of the Adani Group scrips and sought a probe into the business practices of the corporate giant.
Speaker Om Birla appealed to members to participate in the discussions during the Question Hour, which he termed as significant.

He said the House will take up the Motion of Thanks to the president for her address at the beginning of the Budget session.
Birla said as it was the first address to the joint sitting of the House by the country’s first tribal woman president, all members should participate in it.
He said he was ready to give the opposition enough time to raise their issues if they give proper notice.
However, an unrelenting opposition continued their protests and sloganeering, forcing the Speaker to adjourn the proceedings till 2 pm.
Adani Group stocks have taken a beating on the bourses after the US short-seller Hindenburg Research made a litany of allegations last week in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group, which has denied the charges.
The market losses of the Adani Group have risen to nearly USD 103 billion (about Rs 8.5 lakh crore).
(This copy was edited by Siasat desk).
[ad_2]
#Adani #issue #adjourned #Oppn #demands #discussion
( With inputs from www.siasat.com )

February 3, 2023
Parliament proceedings likely to witness disruptions over Adani issue for 2nd day

[ad_1]
Delhi: Disruptions by Congress-led opposition are likely to stall proceedings of both houses of Parliament on Friday too, over the research firm Hindenburg’s allegations against Adani group.
The opposition parties had stalled proceedings on Thursday over the issue and according to sources aware of developments, disruptions are likely to continue.
Sources said that Congress and other major opportunity parties like the Trinamool Congress and DMK as well the Left parties are on the same page over launching vociferous protests against the government over the issue in both the houses today as well.
On Thursday, Leader of Opposition in Rajya Sabha Mallikarjun Kharge and other opposition parties sought an investigation into the allegations of fraud against one of India’s biggest conglomerates led either by Supreme Court or joint parliamentary committee.
Kharge has also called a meeting of like-minded opposition parties to discuss strategy in Parliament.
The Lok Sabha is expected to take up the motion of thanks on the President’s address, if proceedings are allowed to take off smoothly.
Subscribe us on

[ad_2]
#Parliament #proceedings #witness #disruptions #Adani #issue #2nd #day
( With inputs from www.siasat.com )

February 3, 2023
NSE, BSE put 3 Adani Group companies under short-term additional surveillance measure

[ad_1]
New Delhi: As many as three Adani group companies, including Adani Enterprises, have come under short-term additional surveillance measure (ASM) framework of the BSE and NSE, according to the latest data available with the exchanges on Thursday.
Apart from Adani Enterprises, the other two firms listed by the exchanges are — Adani Ports and Special Economic Zone and Ambuja Cements.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.
The National Stock Exchange (NSE) and BSE said these companies have satisfied the criteria for inclusion in short-term additional surveillance measure or ASM.
Under the short-term ASM, the exchanges said, “applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from February 6, 2023 on all open positions as on February 3, 2023 and new positions created from February 6, 2023”.
Market experts believe that putting in this framework means intra-day trading would require 100 per cent upfront margin.
The exchanges also noted that the shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company or entity.
Meanwhile, shares of Adani Enterprises tumbled over 26 per cent on Thursday, a day after the firm said it has decided not to go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors. The counter had plunged more than 28 per cent on Wednesday.

Most of the other group firms also declined for the sixth day in a row on Thursday and 10 listed Adani Group firms have faced a combined erosion of over Rs 8.76 lakh crore in past six days.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
[ad_2]
#NSE #BSE #put #Adani #Group #companies #shortterm #additional #surveillance #measure
( With inputs from www.siasat.com )

February 2, 2023
Cong calls protest on Feb 6 over Hindenburg report on Adani

[ad_1]
New Delhi: The Congress party has decided to hold nationwide district level protests on Monday, February 6, in front of the Life Insurance Corporation office and the State Bank of India office here over the Hindenburg report.
“The government can’t jeopardize the hard earned money of the people of India to profit the crony friends of the Prime Minister.” said KC Venugopal, party general secretary.
He said the LIC has invested Rs 36,474.78 crore in the Adani Group whereas Indian banks together have invested nearly Rs 80,000 crore in the group. They continue to do so even when there are allegations of stock manipulation, accounting fraud and other malfeasance.
The group has lost $100 billion since the Hindenberg report came out.
All the Pradesh Congress Committees have been requested to issue the necessary instructions to the District Congress Committees so that apart from senior leaders, party functionaries and workers, mobilisation from the BCC, Panchayat and Booth level is ensured in full measure.
The Congress is also demanding a JPC probe or an enquiry under the supervision of the Chief Justice of India into the Adani saga, involving hundreds of thousands of crores of public money.
He said that amidst the all round gloom due to unprecedented unemployment, uncontrolled inflation and economic distress, the Modi government was expected to present a budget which addressed these urgent concerns of the people.
“Sadly, the characteristically insensitive and callous government, rather than acting to safeguard the people’s interest and stop the squandering and loot of public money, is still single mindedly bent on helping PM Modi’s friends, blatantly throwing all caution and prudence to the winds,” he said.

[ad_2]
#Cong #calls #protest #Feb #Hindenburg #report #Adani
( With inputs from www.siasat.com )

February 2, 2023

Tag: Adani

Hindenburg effect

Gap between Gautam Adani and Mukesh Ambani widens

No Indian in world’s top 10 billionaire list

In Rajya Sabha

In Lok Sabha