Pressure mounted for Indian billionaire Gautam Adani to quickly address concerns over his conglomerate's financial health as a brutal stock rout wiped out more than half of the value of his companies.
About US$125 billion (S$164 billion) has evaporated in the market capitalisation of his group's 10 stocks since United States short-seller Hindenburg Research last week claimed that offshore shell entities were used to inflate Adani Group's revenues and manipulate stock prices. The flagship Adani Enterprises sank a record 35 per cent in intraday trading, taking its decline to 70 per cent in seven sessions.
The crisis of confidence in the Adani Group has become a national issue, with both Houses of India's Parliament adjourned for a second day on Friday after opposition lawmakers shouted anti-Adani slogans and called for a parliamentary investigation into the stock rout.
The main opposition Congress party is planning nationwide protests on Monday to highlight the risks to millions of small investors because of the exposure of state-owned institutions in Mr Adani's businesses and draw attention to the embattled tycoon's links with Prime Minister Narendra Modi.
The Congress party will protest in front of the offices of Life Insurance Corporation and the State Bank of India, general secretary K.C. Venugopal said in a statement.
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