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Congress has demanded a probe by the markets regulator and RBI into the allegation levelled by Hindenburg Research against the Adani Group, and the Opposition party claimed that “the high exposure” of financial institutions such as LIC and SBI to the conglomerate has implications for financial stability and for the crores of Indians whose savings are stewarded by these pillars of the financial system.
Congress and some other Opposition parties could try to raise the matter during the budget session as well.
AICC spokesman Jairam Ramesh said in an official statement that the “forensic analysis” by Hindenburg Research of the Adani Group demanded a response from the Congress party. “…The high exposure of financial institutions such as the Life Insurance Company of India and the State Bank of India to the Adani Group has implications for financial stability and for the crores of Indians whose savings are stewarded by these pillars of the financial system” Ramesh said on Friday.
The Adani Group has already denied the charges levelled against it by Hindenburg and said it was exploring legal options.
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