Adani sell-off continues amid protests by India’s opposition
1 year, 10 months ago

Adani sell-off continues amid protests by India’s opposition

Al Jazeera  

Seven listed Adani Group firms see a sell-off worth $112bn in under two weeks as the opposition widens protests. Legislators of India’s main opposition party have kicked off 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 $112bn in less than two weeks. Members of the Congress party on Monday protested outside several offices of state-owned insurer Life Insurance Corporation and the State Bank of India, both of which have exposure to Adani Group companies. In the brutal fallout of the Hindenburg report, Adani Group flagship company Adani Enterprises Ltd was forced to abandon a $2.5bn share sale last week, and Group chairman Gautam Adani lost his crown as Asia’s richest person and slipped down the global rankings of the wealthy. India’s divestment secretary Tuhin Kanta Pandey told Reuters news agency on Friday that LIC shareholders and customers should not be concerned about its exposure to the Adani Group.

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