As the Congress is demonstrating in front of Life Insurance Corporation (LIC) offices and State Bank of India (SBI) branches to protest against the Adani Group across the country, the party workers in Chhattisgarh staged a protest at Jai Stambh Chowk in Raipur on Monday. A large number of Congress office bearers, including state Congress president Mohan Markam and Congress MLA Satnarayan Sharma, participated in the demonstration. Protesters also raised slogans against the central government on the occasion.
“The Bharatiya Janata Party (BJP)-led Modi government in the center has done the work of suppressing the money of the common people by investing the money of SBI and LIC in the risky stock market of their loved ones. Our demand is that the money of the common people should be safe and should be returned. Besides, action should be taken against the guilty person,” Congress state chief Mohan Markam told reporters.
Talking about the fluctuation in the share market after the US-based Hindenburg Research report surfaced, Markam said, “It is clear that the Adani Group invested money in the stock market by preparing a wrong balance sheet, today they have been exposed. There is an uproar in the public and the market. It is our demand that immediate action should be taken against them and the money of the public should be safe.”
On the other hand, Congress MLA Satnarayan Sharma said, “The Adani Group’s game is no longer hidden from anyone. Their real face has come to light. They are promoting their business with public money. The money of the public is in a state of drowning, the money should be returned and action should be taken against them”.
Notably, a report by a US-based Hindenburg Research, came out on January 24, claimed that the Adani Group had weak business fundamentals and was involved in stock manipulation and accounting fraud, among others.
In response, the Adani Group attacked Hindenburg as “an unethical short seller” in a 413-page response to the Hindenburg Research report on the Adani business interests. According to the statement, the Adani portfolio and the Adani verticals are focused on bringing India into the global economy and nation-building. In the summary of the long response by the Adani Group, it said the report was “nothing but a lie”.
The Adani Group report states that by “holding short positions” in Adani stocks, which, simply put, is betting on the stock falling, Hindenburg exposed its hand as it made huge money with the fall of Adani stocks immediately following the publication of the report on January 24.
“The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive,” the Adani Group’s response said.
