Tuesday, March 21, 2023

‘Ridiculous claim’: Adani excuses PM Modi association for his ascent

In a TV interview, Gautam Adani said he became an ‘easy target’ as both him and PM Modi are from Gujarat.

Chairman of Adani Groups and multi-millionaire Gautam Adani dismissed claims regarding his association with Prime Minister Narendra Modi behind his rise to become Asia’s richest person – a title he lost followed by a staggering stock rout. He termed the claims “baseless” and said that the fact that both him and the PM are from the same state makes him an “easy target” for such allegations.

“These allegations are baseless…The fact of the matter is that my professional success is not because of any individual leader,” Adani said in a TV interview.v

The market value of one of India’s biggest conglomerates continues to plummet with the group losing over $100 billion in last six days. Earlier, Adani abruptly stopped its $2.5 billion FPO offering, hours after its flagship Adani Enterprises lost a staggering 28% in value over a single session. This comes as a result of a report by an American activist investor group Hindenburg Research that accused the conglomerated of improper use of tax havens and stock manipulation.

The ongoing budget session in the Parliament was hit by Adani storm after MPs in both Houses demanded an investigation into allegation of fraud against Adani Group under under the supervision of Supreme Court.

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