Adani crisis sparks protests and arrests
STORY: The allegations of fraud levelled against the Adani group caused deepening political unrest on Monday (February 6).
Some of India's opposition party members were detained by police during protests, with the events stalling parliament for a third consecutive day,
Lawmakers have been demanding an investigation into claims in a damning report by U.S. firm Hindenburg Research.
It accused the Adani group of wrongdoing including stock manipulation.
The sprawling ports-to-energy conglomerate has denied all allegations.
But that has failed to prevent the firm’s shares free falling, with over $110 billion wiped off its market value.
Hundreds of members of the opposition Congress party and other groups protested countrywide.
Communist Party of India member John Brittas is calling for a Joint Parliament Committee:
"Adani itself is a big scandal and the government has to come clean on this and this is a symbol of crony capitalism that is in demonstration now."
Prime Minister Narendra Modi has denied accusations by opposition leaders that he’s benefited from close ties with Adani group billionaire founder Gautam Adani, and Modi's government has denied allegations of favoring the tycoon.
The brutal fallout from the report has cost Gautam Adani the title of Asia's richest person.
He's slipped off the list of the world's top ten wealthiest people as the shares tumbled.