Adani row: How opposition is cornering govt over Hindenburg report

However, the opposition used Adani stock rout, which is a non-government issue to target Modi and disrupted the parliament proceedings for two days.

New Delhi, Feb 03: Sensing an opportunity to corner the Narendra Modi government in a crucial election year, the Opposition parties have put up a united front seeking a probe by either a joint parliamentary committee (JPC) or headed by the Supreme Court or monitored by the Chief Justice of India, into the allegations of accounting fraud and stock manipulation against the Adani Group.

Adani Group stocks, where LIC is heavily invested, have lost over USD 100 billion in value since a US-based short seller came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate.

The group has denied all charges and called the report malicious and full of lies.

However, the opposition used Adani stock rout, which is a non-government issue to target Modi and disrupted the parliament proceedings for two days.

The opposition's singular agenda of obstructing and opposing Modi and his government in the parliament has been the new norm in recent times. In its fixation to denounce anything that the BJP government does, it often invites questions about its commitment to the nation.

The Opposition's allegation that investments by LIC in the Adani Group were made at the government's behest is a testament to the act.

Questioning the Opposition's intent, BJP MP Mahesh Jethmalani said "what does the government have to do with this? Nobody has said what the government's role is in this. LIC (Life Insurance Corporation) is an independent organisation. They have decided to make some investments."
"The SEBI and the RBI will look into it. Let their reports come in," he told PTI when asked on the Opposition's demand for a JPC probe into the Adani issue. "The demand for a JPC probe is not justified," the MP said.

Adani, a non-government issue

Following the uproar in the Parliament over the freefall of the Adani group triggered by US short seller's report, the Minister of Parliamentary Affairs Pralhad Joshi said on Friday the Indian government had nothing to do with the issues of the Adani Group.

"The government has nothing to do with Adani matters," said the minister.

Finance Minister Nirmala Sitharaman's take on Adani row

Finance Minister Nirmala Sitharaman reacted to the Adani crisis and said India's financial sector is very well regulated and one instance, no matter how much it is talked about globally, is not going to govern the country's market.

Allying fears, Sitharaman said "Indian banking sector today is at a very comfortable level and their position is very sound.

"Indian banking sector today is at a very comfortable level and their position is very sound, Sitharaman said adding that she made the statement with a sense of responsibility. NPAs coming down to a low and recovery is happening and the situation gets reflected when they go to raise money in the market," she said.