Prime Minister Narendra Modi said on Wednesday that Indians will not swallow “lies and abuse” against him, as opposition critics accuse his government of giving undue favors to a busine…
, which collectively lost more than $110 billion in market valuation before paring losses in recent days.On Wednesday, shares of Adani Enterprises closed up 20%. Adani Transmission, Adani Power and Adani Wilmar rose 5% each, while Adani Green and Adani Total Gas fell 5% each.
The conglomerate has denied the accusations, saying the short-seller’s allegation of stock manipulation has “no basis” and stems from an ignorance of Indian law. Opposition parties see the affair as an opportunity to corner Modi, who is eyeing a third term in elections next year. They have questioned investments made by state-run Life Insurance Corporation of India and the State Bank of India in Adani Group companies.Rahul Gandhi, a leader of the main opposition Congress party, questioned in parliament on Tuesday why the government has not yet initiated an inquiry over the use of tax havens.
“He’s trying to protect him ,” he told reporters following Modi’s speech. “This is a matter of national security and India’s infrastructure.” Gandhi has also said the government handed over management of some airports in India to the Adani Group even though it did not have any experience in the sector.
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