March 23, 2023

Given the track record, how agencies failed to investigate Adani Group’s ‘share price volatility’, questions Congress.


Posing a set of three questions to Prime Minister Narendra Modi as part of the party’s “Who Are We Adani Ke Hain Kon” series, Congress General Secretary Jairam Ramesh said that Adani Group’s stock market capitalization has increased in three years. has increased by 1,000 percent. From Rs 2 lakh crore in 2019 to over Rs 20 lakh crore in 2022 — before crashing in 2023.

“This is a very fast growth rate for any large group and it is no coincidence that this growth strongly resembles the previous stock market scam in which the Adani group was involved,” Ramesh alleged. Accused.

“As we pointed out in ‘Who Are We Adani’ dated February 13, 2023, an investigation into the excessive volatility in the shares of Adani Exports (now known as Adani Enterprises) between 1999 and 2001 After a 2007 SEBI order found that the institutions were involved in manipulative activities with notorious stock manipulator Ketan Parekh such as synchronized trading/circular trading and influencing the price of Adani’s scrips. creation of artificial volumes for and that the ‘adani group promoters aided and abetted these manipulations,’ the Congress leader claimed.

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