Proceedings in both Houses of Parliament were adjourned for the day on Thursday, soon after they reassembled at 2 pm , after a united Opposition stepped up its demand for a discussion on the Adani Group fracas triggered by a report from New York-based short-seller Hindenburg Research last week. The Opposition demanded a joint parliamentary committee (JPC) probe or an inquiry supervised by the Chief Justice of India into the Adani Group-Hindenburg row.
The Hindenburg report, which accused Adani Group companies of “brazen stock manipulation and accounting fraud scheme over the course of decades”, led to a sharp decline in the share prices of Adani Group companies, which have in aggregate lost over $100 billion in market capitalisation since last week. Adani Enterprises, the flagship company of the Adani Group, on Thursday continued its equity market slide, declining 27 per cent to ₹1,565.25 over the previous day’s close of ₹2,135.35.
Earlier in the day, both Houses of Parliament were adjourned till 2 pm amid a ruckus over the Hindenburg report on the Adani Group.
Opposition parties led by Mallikarjun Kharge, President of Congress Party and Opposition leader in the Rajya Sabha, demanded a probe into the exposure of LIC and public sector banks to the Adani Group companies, “endangering the hard-earned money of crores of Indians”.
In the Lok Sabha, members raised slogans and interrupted the question hour. In the Rajya Sabha, Chairman Jaideep Dhankar said that none of the adjournment notices fulfilled the requirements under Rule 267, and hence were declined.
This decision of the Rajya Sabha chairman was met with shouts, following which Dhankar adjourned the proceedings till 2 pm.
Kharge had earlier submitted an adjournment notice in the Rajya Sabha under Rule 267 of the Rules of Procedures and Conduct of Business in the upper house. Kharge wanted the House to suspend Zero Hour and rules related to question hour and other businesses of the day to discuss the “issue of investment by LIC, public sector banks and financial institutions in companies losing market value, endangering the hard-earned savings of crores of Indians”.
Several other Rajya Sabha members too had submitted adjournment notices, which were declined.
Pawan Khera, Chairman, Media and Publicity (communication dept), AICC, highlighted in a statement that now the wealth arm of Citigroup has stopped accepting Adani securities as collateral for margin loans sought by its clients. Credit Suisse had on Wednesday said it would not accept Adani bonds as collateral, he added. The statement called for a thorough probe into the entire Adani Group-Hindenburg report saga.