New Delhi4 minutes ago
There has been a stir from Parliament to the market regarding Hindenburg’s report on Adani Group. The opposition is adamant on demanding an inquiry into the allegations leveled against the Adani Group. There is a possibility of an uproar in Parliament on Friday as well. Opposition parties did not allow the proceedings of Lok Sabha and Rajya Sabha to continue even a day before.
Meanwhile, the Bangladesh government has demanded amendment in the deal with Adani Group in the energy sector. Bangladesh government says electricity prices are high. On the other hand, the Congress has announced a nationwide protest on 6 February.
Today’s big updates in this matter
- Congress President Mallikarjun Kharge called a meeting of opposition parties on this matter in the Parliament premises at 10 am. It may include 13 parties including Congress, TMC, Aam Aadmi Party (AAP), SP, DMK, Janata Dal and Left.
- Congress general secretary KC Venugopal said that party workers would protest in front of LIC and SBI offices located in districts across the country on February 6. Opposition leaders say that this fall in the stock market is the great scam of Amritkal.
Leaders of 13 opposition parties were present in Mallikarjun Kharge’s chamber in the Parliament complex.
NSE increased surveillance on Adani’s 3 shares
NSE has included three stocks of Adani Group in the Additional Surveillance Measures (ASM) list for short term. These include Adani Port, Adani Enterprises, and Abunja Cement. ASM is a method of monitoring, through which market regulator SEBI and market exchanges BSE, NSE keep an eye on it. Its aim is to protect the interests of the investors. When a stock fluctuates, it is put on the NSE.
Gautam Adani, chairman of Adani Group, released the video and said, “Withdrawal of the FPO must have surprised people, but given the volatility in the market, we felt it would not be ethically correct to continue.” Our company’s fundamentals, balance sheet and assets are strong. Our loan repayment record is impeccable.
Adani slipped to 17th position in Forbes list
After the Hindenburg report, the market cap of Adani Group has fallen by 8.38 lakh crores. At the same time, on Thursday, Adani came in 17th place in the Forbes Real Time List.
What happened so far in 9 days, big things
- 24 January: Hindenburg issued a report making major allegations like fraud and money laundering on Adani Group.
- January 29: Adani Group termed Hindenburg’s report as a conspiracy attack on India. The group wrote in its 413-page reply that all the allegations are false.
- February 1: Adani Group canceled the fully subscribed FPO worth Rs 20,000 crore and talked about returning the money to the investors.
- February 2: Gautam Adani gave a video message after canceling the FPO. In this he said – For me the interest of the investors is paramount. On the same day, the opposition created a ruckus in the Parliament, RBI has asked all the banks of the country to give details of loans and investments given to Adani Group. NSE added three stocks of Adani Group to the Additional Surveillance Measures (ASM) list for short term.
Also read these news related to Adani Enterprises…
Heavy loss to LIC due to fall in Adani’s shares, loss of 18,646 crores in 2 days
After the Hindenburg report came out, the investors of Adani Group’s stocks have suffered huge losses in the last 2 trading sessions. Country’s largest institutional investor ‘Life Insurance Corporation of India’ (LIC) is also one of those affected investors. LIC’s total investment in Adani Group shares on January 24 was Rs 81,268 crore, which has come down to Rs 62,621 crore on January 27. Accordingly, LIC has suffered a loss of about Rs 18,646 crore in 2 trading sessions. Read full news…
Share market fades after budget, Adani Enterprises breaks 26%
Finance Minister Nirmala Sitharaman presented the budget on Wednesday (February 1). In such a situation, the eyes of the market remained on the announcements of the government. Shares of Adani Group remained under pressure. Shares of Adani Enterprises, the flagship company of Adani Group, fell 26.70% to close at Rs 2,179.75. Read full news…