Indian Home Minister defends Modi’s party over Adani controversy amid opposition allegations
India’s home minister Amit Shah makes comments after ruling party accused of favoritism towards embattled conglomerate, while BJP claim zero indulgence.
Indian Prime Minister Narendra Modi’s party has “nothing to hide or be afraid of” on the controversy over the Adani group, the home minister has said, responding to opposition allegations of favoring the conglomerate attacked by an American short seller, while BJP claim zero indulgence.
Led by billionaire Gautam Adani, the business house’s seven listed companies bear his name. Since January 24, following Hindenburg Research’s report on tax havens and stock manipulation, Adani’s seven listed companies lost $120 billion. The Adani group has denied the allegations and threatened legal action against Hindenburg.
“The Supreme Court has taken cognizance of the matter. Amit Shah is widely regarded as the most powerful politician in India after Modi. He told the ANI news agency that commenting on the matter would not be appropriate. This is especially true if the Supreme Court is seized of it.
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Shares of Adani Enterprises, the group’s flagship, fell nearly 4 percent in early trade. The company, which pulled a $2.5bn share sale earlier this month after the stock rout, will announce quarterly results later in the day.
India’s Economic Times daily reported on Tuesday that Adani group executives had been holding negotiations since last week with Abu Dhabi’s International Holding Company (IHC) for capital infusion into Adani Enterprises or other group entities.
