Adani-Hindenburg case: Congress MP Rahul Gandhi has said he will hold a press conference soon to talk about Hindenburg Research's latest salvo over the 'Adani money-draining scandal'. The Congress had on Monday stepped up its attack on the Modi government over Hindenburg's allegations against SEBI Chairman Madhabi Buch, with the Grand Old Party threatening a nationwide outcry if a JPC probe is not initiated.
Rahul Gandhi told reporters on Tuesday that “one piece would not be enough” when the Leader of the Opposition in the Lok Sabha was asked to comment on the Hindenburg report that was released on Saturday, August 10.
Lok Sabha LoP Rahul Gandhi says, “We will have to discuss this in depth. I will hold a press conference soon,” on his request for a joint parliamentary committee inquiry into the Hindenburg report.
#WATCH | On his demand for a JPC inquiry into the Hindenburg report, Lok Sabha LoP Rahul Gandhi says: “We will have to discuss this in depth. I will hold a press conference soon.” photo.twitter.com/GPqzFdVQpK
—ANI (@ANI) August 13, 2024
The Hindenburg Research has alleged that SEBI chairman Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds that were used in the “Adani money-draining scandal”. The allegations have been refuted by the Buch duo, who termed it an attempt at “character assassination” and an attack on SEBI's credibility.
Meanwhile, the Congress demanded that the SEBI director resign and urged the Supreme Court to transfer the Adani probe to the CBI or a special investigation team, given the “likelihood of compromise by SEBI”.
Rahul Gandhi had posted a video on micro-blogging site X (formerly Twitter) on Sunday questioning why the SEBI chief had not resigned. The Congress LoP continued his tirade by asking, “If investors lose their hard-earned money, who will be held responsible: PM Modi, SEBI chairman or Gautam Adani?”
“It is now abundantly clear why Prime Minister Modi is so afraid of a JPC investigation and what it might reveal,” Gandhi added.
The integrity of SEBI, the stock exchange regulator charged with protecting the wealth of small retail investors, has been seriously compromised by the allegations against its chairman.
Honest investors across the country have urgent questions for the government:
– Why… photo.twitter.com/vZlEl8Qb4b
— Rahul Gandhi (@RahulGandhi) August 11, 2024
Adani Group, the Indian conglomerate that was rocked by a Hindenburg Research report in 2023, was hit by another heavy stock sell-off on Monday, August 12. The US-based short seller accused the head of India’s regulator SEBI of having ties to offshore funds also used by the group.
By the end of the trading day, $2.43 billion, or 1%, had been wiped off the market value of Adani companies, although that was a significant recovery from earlier losses of more than $13 billion, the report said. Reuters.
The report added that shares in the group's flagship Adani Enterprises closed 1.1% lower on Monday, while Adani Ports, Adani Total Gas, Adani Power, Adani Wilmar and Adani Energy Solutions fell between 0.6% and 4.2%. Only Adani Green bucked the trend and closed 1% higher.
