Adani row flounces Parliament, Opposition demands probe

At a press conference, leaders of several opposition parties demanded an inquiry into the allegations leveled against the Adani group by American short-selling firm Hindenburg, saying the matter "puts the hard-earned money of millions of Indians at risk". The Congress and other parties have sought a joint parliamentary committee or SC-monitored probe into the Adani group crisis, a day after Adani's board called off the sale of its flagship.

Congress chief Mallikarjun Kharge said the opposition has suspended the business notification in Parliament under Article 267 to discuss the issue of investment by LIC, public sector banks and financial institutions in the underperforming Adani group companies. "We wanted to discuss this. Our notices are being rejected. When we raise important issues, no time is given for discussion. Poor people's money is in LIC, SBI and other national banks and they are given to selected companies," he added. Kharge said. "This should be investigated either by a joint parliamentary committee or a team under the supervision of the Supreme Court CJI," he added.

Meanwhile, both houses of parliament were adjourned until tomorrow after an uproar from the opposition demanding a debate on the Hindenburg report.  On Wednesday, Adani's board decided to call off a follow-on public offer (FPO) of equity shares totaling up to Rs 20,000 crore to protect investors from potential financial losses.

  This comes after Adani Group shares plunged following the Hindenburg report. The American firm has accused the Adani Group of stock manipulation, improper use of tax havens and money laundering. Hindenburg also expressed concern about the group's growing debts. The Reserve Bank of India has also sought details from local banks on their exposure to the Adani group after the conglomerate's cumulative market valuation of $100 billion was wiped off last week.