Lawmakers of India's main opposition party kicked off planned protests at some state-run companies over the crisis at Adani group, whose seven listed firms saw another sell-off that drove their market loss to $112 billion in under two weeks
Saturday the country's financial markets remain stable and continue to function in a transparent and efficient manner.on Friday it was not concerned about the exposure to the Adani group, but further financing to its projects would be "evaluated on its own merit".
India's divestment secretary Tuhin Kanta Pandey told Reuters on Friday that LIC shareholders and customers should not be concerned about its exposure to the Adani group. LIC has a 4.23% equity stake in the flagship Adani Enterprises, while its other exposures include a 9.14% stake in Adani Ports and Special Economic ZoneShares of Adani Enterprises sank 9.6% on Monday, taking its market capitalisation losses to nearly $28 billion since the release of the short-seller's report.
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Adani rout deepens despite soothing words from India's government and billionairesMost Adani Group companies shed market cap on Monday, as the feud between the conglomerate and a short seller firm further deepened.
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Adani Enterprises shelves $122 million bond planA US-based short-seller's report last week accused the group of engaging “in a brazen stock manipulation and accounting fraud scheme over the course of decades.”
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