Adani-Hindenburg row: Both houses adjourned till lunch after Opposition demands discussion on allegations

Lok Sabha and Rajya Sabha were adjourned till lunch on Friday as the Opposition parties in both houses demanded a discussion and an investigation into allegations of fraud and stock manipulation levelled by the New York-based short seller Hindenburg Research against the Adani Group that led to a massive rout in the latter's stocks. At least 16 Opposition parties on Friday morning decided to step up their attack on the government, but their requests were rejected. 

"A meeting of floor leaders of Opposition parties has been called on how to move ahead. We will discuss our further actions in the meeting. We had given notices yesterday but no discussion was done," said LoP Mallikarjun Kharge said after the houses were adjourned. 

Billionaire Gautam Adani's ports-to-energy companies, which has Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) as its prominent investors, have lost more than $100 billion in value since the report was made public on January 24. 

Adani Group stocks have been seeing new lows in the stock market. Shares of Adani Enterprises hit their 15 per cent lower circuit in Friday's trade after S&P Dow Jones Indices said it would exclude Adani Enterprises from widely used sustainability indices with effect from February 7. Shares of Adani Ports opened 10 per cent lower at Rs 415.80 on Friday, hitting a new 52-week low. 

Adani Power stocks hit its 5 per cent lower circuit limit at Rs 192.05 earlier in the day. Adani Wilmar was locked at its 5 per cent lower circuit limit at Rs 400.40. ACC and NDTV, other stocks, slipped up to 5 per cent.   

Kharge added: “Keeping public interest in mind, we want a thorough probe into the Adani issue, either by a Joint Parliamentary Committee (JPC) or a Supreme Court-monitored panel. There should also be day-to-day reporting of the investigation on the issue."  

Lok Sabha Speaker Om Birla reportedly denied the requests, and asked members “not to make unsubstantiated claims”. Rajya Sabha chairperson Jagdeep Dhankhar too rejected all motions by the Opposition, and said that the requests were “not in order”.  

AAP MP Sanjay Singh said: "I have written a letter to the PM, Enforcement Directorate, and the CBI demanding the confiscation of Adani's passport, or else If he also flees from the country like other industrialists and capitalists, then crores of people of this country will be left with nothing." 

On Thursday, proceedings of both Lok Sabha and Rajya Sabha were adjourned for the day as the Opposition, which claimed that “a significant volume of public money through SBI and LIC is locked in the Adani Group”, demanded a Joint Parliamentary Committee or CJI-designated committee probe.