India's opposition National Congress Party took to the streets on Monday (6th) to demand an investigation into the crisis caused by the Adani Group.

(Bloomberg)

[Financial Channel/Comprehensive Report] Hundreds of people from India's opposition party took to the streets on Monday (6th) to demand an investigation into the market slump triggered by the US short seller's accusation against India's largest conglomerate, which has swept through Adani Group. (Adani Group)'s crisis has intensified, and its market value has evaporated by more than US$110 billion (about NT$3.2 trillion).

"Reuters" reported that since January 24, when hedge fund Hindenburg Research released a report, Adani Group's share price has plummeted, with cumulative losses exceeding US$110 billion (approximately NT$3.2 trillion). The crisis will spill over into wider finance.

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India's opposition party last week called for a parliamentary panel to investigate the incident and questioned Prime Minister Narendra Modi's close relationship with the group's founder, Gautam Adani.

Protesters also took aim at state-backed Life Insurance Corporation of India (LIC) and State Bank of India (SBI) on Monday for their investment in Adani Group.

Adani has repeatedly denied accusations by Modi's opponents that the group benefited from the close relationship between the two men, and Modi's government has denied favoring the Adani group.

Uttar Pradesh Congress Committee Secretary-General Shiv Panday said that ordinary people invested his money in the businessman (Adani)'s company and the government is trying to save him, the government is supporting the businessman and Not the general public.

Hundreds of members of the Indian Congress party protested across the country, including demonstrations outside several offices of state-run Life Insurance Company of India and State Bank of India, both of which have contacts with Adani Group.

Under the influence of the short-selling report, Adani Group gave up US$2.5 billion (approximately NT$74 billion) in new share offerings. Chairman Adani gave up his position as the richest man in Asia, and his ranking on the global rich list also plummeted.

According to Reuters, Adani plans to publish a credit report by Friday (10th) to address Hindenburg's concerns about the group's liquidity.

A slump in stocks last week sparked a series of credit rating warnings, with Moody's saying the group would struggle to raise capital and S&P downgrading the outlook for two of its companies.

Indian banks, market regulators and the government have launched investigations to reassure investors.

India's Congress party has called for a parliamentary panel to investigate and question Prime Minister Narendra Modi's close relationship with conglomerate founder Adani.

(AFP)

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