Opposition parties, Adani Group stock rout

Opposition parties are demanding for an independent investigation on the Adani Group stock rout

Adani stock rout: Opposition parties meet in Parliament to evolve strategy

The Federal
3 Feb 2023 5:05 AM GMT (Updated:2023-02-03 06:04:26)

Opposition parties met on Friday (February 3) morning to coordinate their strategy in Parliament, a day after they unitedly took on the government over the issue of the Adani Group stock rout.

Various Opposition parties on Thursday stalled both houses of Parliament over the Adani issue and demanded a Joint Parliamentary Committee (JPC) probe or a Supreme Court-monitored committee investigation into it.

“Floor leaders of Opposition parties will meet at 10 am in the chamber of leader of Opposition (in Rajya Sabha) Mallikarjun Kharge in Parliament House to coordinate strategy,” said Congress general secretary, communications, Jairam Ramesh.

Also watch: Should SEBI have acted early on Adani? To what extent is govt culpable?

“The demand remains the same. Only an independent investigation will save LIC, SBI and other institutions forced by the Prime Minister to invest in the Adani Group,” he said.

The Opposition leaders said they want a discussion on the Adani issue and if not allowed, they will protest inside the House, sources said.

Among the 16 parties whose leaders met in the chamber of the leader of Opposition in Rajya Sabha Mallikarjun Kharge include the Congress, DMK, SP, AAP, BRS, Shiv Sena, RJD, JDU, CPIM, CPI, NCP, NC, IUML, Kerala Congress (Jose Mani), KC (Thomas), and the RSP.

. The Congress has been alleging that the investments made by public sector LIC and SBI into the Adani group have been “forced” by the prime minister. The government has not responded to the issue so far.

Adani group stocks, where LIC is heavily invested, have lost over US$ 100 billion in value since a tiny New York short seller came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. The Adani group has denied all charges and called the report malicious and full of lies. As the slide in Adani group stocks continued in the markets on Friday, the opposition said the rout has threatened the value of investments made by the Life Insurance Corporation (LIC) and public sector banks.

Sources said the Trinamool Congress did not attend Friday’s meeting since they are not in line with other parties on the matter and want only an SC-monitored probe into the issue.

Also read: All about Hindenburg Research, the US firm that has taken on Gautam Adani