'Hum Adani ke hain kaun': Congress questions PM Modi's silence on Adani Group stock rout

The Congress on Sunday upped its ante against the central government, even questioning Prime Minister Narendra Modi's silence on the decline in Adani Group shares. The grand old party sought answers from the government, saying the Modi government's "loud silence" on the issue "reeks of collusion".

Adani shares took a beating on the Indian stock market after US short-selling firm Hindenburg Research leveled a litany of allegations against the conglomerate, including fraudulent transactions and share price manipulation. Congress General Secretary (Communications) Jairam Ramesh told a press conference that from Sunday, the Congress will ask three questions a day to Prime Minister Narendra Modi on the issue.

Adani Group's ten listed companies have faced a combined erosion of over Rs 8.76 lakh crore in recent days following the Hindenburg Research report. "At the G20 summit in Hangzhou, China on 5 September 2016, you (Modi) stated: 'We need to act to eliminate safe havens for economic offenders, track down and unconditionally extradite money launderers and break down the web of complex international regulations and excessive banking secrecy that hide the corrupt and their deeds'. This leads to some questions that you and your government cannot hide from saying HAHK (Hum Adani Ke Hain Kaun)," the Congress leader said.

Gautam Adani, who was ousted from his position as Asia's richest man, said in a statement this week that investor interest was paramount and called off a 20,000-crore sale of shares in his flagship Adani Enterprises. Following the Hindenburg report in January, the Adani Group issued several statements criticizing the research, which it called "baseless" and "malicious". However, Hindenburg responded by saying: "Deception cannot be covered up by nationalism or a bloated reaction that ignores every key accusation we have made."