Home / News / India /  Adani-Hindenburg row: Mahua Moitra shares old tweets says, 'I Told You So'

Amid the allegations against billionaire Gautam Adani's fast-growing wealth by US short-seller Hindenburg Research, TMC leader Mahua Moitra has shared old tweets and letters, and wrote 'I Told You So'.

Moitra has frequently attacked Adani Group on social media platforms, questioning the projects, source of income, and the hyper-inflated share price of the conglomerate.

Time and again she has also asked Sebi to launch the probe.

Besides, the Lok Sabha MP has also targeted the Modi government for its amicable ties with Asia's richest person. PM Modi and Adani hail from the same state and therefore, their relationship has always come under intense scrutiny by opposition parties.

Now as the Hindeurg report has sparked a controversy, several opposition parties have sought replies from the Centre on Adani's wealth.

The Congress has also questioned the "silence" of the government and the finance minister. The opposition party said that LIC and SBI "lost over 78,000 crore" in market capitalisation of their shares due to exposure in Adani Group.

LIC and SBI continue to invest in the Adani group even after the Hindenburg research report alleged share price manipulation and financial misappropriation by the group, Congress general secretary Randeep Surjewala claimed.

"LIC is public money! Post Hindenburg Report, the value of LIC investment in Adani Group shares has fallen from 77,000 Crore to 53,000 crore -- loss of 23,500 crore.

"Also, LIC shares have lost 22,442 Crore. Why is LIC still investing 300 crore in Adani Group," Surjewala asked?

The Congress leader claimed that after the publication of the report, the SBI share's market cap has declined by a whopping 54,618 crore.

Also, the loan exposure of SBI and other banks to Adani Group is 81,200 crore, he claimed.

"The question is, why are SBI Employees Pension Fund and SBI Life still investing 225 crore in Adani Group," Surjewala asked.

Adani built his business empire from scratch after starting as a commodities trader. He rose to become the world's third-richest person according to Forbes, with a net worth of $127 billion, trailing only Bernard Arnault and Elon Musk. Married to dentist Priti Adani, he has two sons, Karan and Jeet, both of whom are involved in the company businesses.

Despite his riches, the 60-year-old, who comes from a middle-class textile family, was far lesser known than other billionaires in a country where many inherit their wealth.

As Adani's empire swelled, stocks of his seven listed companies surged - in some cases more than 1,500% in the last three years amid aggressive expansion. He denied allegations by Modi's opponents that he had benefited from their close ties.

In a 2014 interview with Reuters, when asked if he was friends with Modi, Adani said he had friends across the political spectrum but avoids politics.

He has said no one political leader is behind his success and when asked about Modi's use of Adani corporate planes during the interview, Adani said Modi "pays fully".

In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies, for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem.

(With Reuters inputs)

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