Demonstrators from the opposition Congress party demanded an investigation into allegations of fraud and stock price manipulation by India’s second-biggest business group.
In New Delhi, Congress party workers threw fake currency notes in the air and chanted slogans. Some burned a suitcase plastered with images of Modi and Adani. Some protesters scaled police barricades and were detained and taken away in police vans.
Adani and his companies have lost tens of billions of dollars as investors dumped their shares. Last week, the Adani Group cancelled a $2.5 billion share offering, promising to provide refunds to investors.The billionaire’s fortune had swelled by more than 2,000% in recent years. Critics say he has benefited from strong relationships with Modi and his government, while others point out he also prospered under previous administrations.
The move by Adani to repay share-backed borrowing early addressed one of the key concerns raised by Hindenburg: heavy borrowing using group shares as collateral. Adani said in a written statement that the pledge by major shareholders to repay that debt was “in continuation of promoter’s assurance to prepay all share-backed financing.”
“During the past week, unusual price movement in the stocks of a business conglomerate has been observed,” India’s market regulator said, without naming the Adani Group. It said mechanisms were in place to deal with volatility in specific stocks. The regulator said it would examine any information before taking “appropriate action.”
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