While replying to another query asked by Congress MP Anto Antony, who had asked the Finance Ministry to show statistics regarding investments made by the public sector institutions into the Adani group, Chaudhary cited a Life Insurance Corporation of India (LIC) press release dated January 30, which had stated that LIC has a total holding of around ₹35,000 crores under equity and debt in Adani group.Īlso read: Priyanka Chaturvedi says ‘disgusting’ after Mahua Moitra's salvo at Adani Nifty 50 declined by around 2.9% in the month of January 2023 and by around 4.9% in the 2-month period of January and February 2023.” The volatility in the stocks of these companies have not had any significant impact at the systemic level. These companies are not part of Sensex and have a combined weight of below 1% in Nifty. Shedding light on the impact that the Adani group had faced, Chaudhary in his written reply said, “The nine listed companies forming part of the Adani Group witnessed a decline of around 60% of market capitalisation from January 24, 2023, till Masubsequent to the report published by the Hindenburg Research. As regards the case pertaining to imports of Indonesian coal by Adani Group of Companies, investigations by DRI have not reached finality as the information sought from exporting countries through execution of Letters Rogatory (LRs) is under litigation.” Replying to questions asked by Congress members of Parliament (MPs), T N Prathapan, Manish Tewari and Jothimani Sennimalai, who had sought an update on the investigation into the alleged stock manipulation by the Adani group of companies, Union minister of state for finance Pankaj Chaudhary said that the Securities and Exchange Board of India (SEBI) had already taken up the investigation and would conclude it within two months as per a Supreme Court order dated March 2.Ĭhaudhary further added that the Directorate of Revenue Intelligence (DRI) had already submitted its report before the judicial authorities, while adding, “Investigations pertaining to imports of Power Generation, Power Transmission, and Infrastructure (Port & SEZ) Equipment by Adani Group companies have been concluded by Directorate of Revenue Intelligence (DRI) and report has been submitted before the relevant judicial authorities. The Finance Ministry also informed Parliament that the government had not constituted any committee to investigate the allegations made against the Adani Group of companies.Īlso read | TMC to raise LIC, SBI issue in Parliament: Derek O'Brien The government said the report did not have any “significant impact at the systemic level” although their market capitalisation within two months had dipped to 60%. The Union finance ministry said the SEBI has already taken up the investigation and would conclude it within two months as per a Supreme Court order dated March 2. The Union Finance Ministry on Monday answered an array of questions in the Lok Sabha over the impact that the Adani Group of companies had suffered after US short-seller Hindenburg Research came out with a report accusing them of fraud and stock manipulation- a claim the Gautam Adani-led group has denied.
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