Lawmakers demanded an inquiry following the meltdown of shares in billionaire Gautam Adani’s group companies, which some fear could spark wider financial turmoil
Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, on Thursday. Picture: REUTERSBoth houses of India’s parliament were adjourned on Friday amid chaotic scenes as some lawmakers demanded an inquiry following the meltdown of shares in billionaire Gautam Adani’s group companies, which some fear could spark wider financial turmoil.
Credit ratings agency Moody’s warned on Friday the share plunge could hit the group’s ability to raise capital, though peer Fitch saw no immediate impact on its ratings. On Thursday, S&P Dow Jones Indices said it would drop the conglomerate’s flagship Adani Enterprises from widely used sustainability indexes on February 7, which would blunt their appeal for environment-conscious investors.
Adani Ports and Special Economic Zone was up 8%, while Adani Transmission and Adani Green Energy were both down 10%. Asked about recent stock market weakness, India’s finance minister Nirmala Sitharaman told Network18 that “one instance, however much talked about globally it may be, I would think is not going to be indicative of how well Indian financial markets are governed.”
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