The Adani crisis triggered an investigation by regulators, briefly stalled parliamentary proceedings and triggered street protests by opposition parties, who accused the government of favoring the group.
On Tuesday, Indian Home Minister Amit Shah refuted the allegations, saying that Prime Minister Narendra Modi’s party has “nothing to hide or fear” over the Adani Group controversy.
Shah, who is considered to be the most powerful politician in India after Modi, told ANI, “The Supreme Court has taken cognizance of the matter. As a minister, it is not right for me to comment if the Supreme Court is looking into the matter. ” News agency.
Shah said, referring to the ruling Bharatiya Janata Party (BJP), “But there is nothing for the BJP to hide and nothing to fear.”
Rivals, including the main opposition Congress party, accuse Modi and the BJP of having longstanding ties with the Adani group dating back nearly two decades when Modi was chief minister of the western state of Gujarat. Gautam Adani and Shah also come from this state.
However, according to the approval ratings, Modi’s immense popularity remains intact.
Flagship Results
There was some respite for the Adani Group on Tuesday as shares of its flagship company Adani Enterprises rose 10% after reporting a quarterly profit of 8.2 billion rupees ($99.12 million) for the December quarter, compared with a loss of 116.3 million. a year ago Rs.
Sameer Kalra, equity research analyst and founder of Target Investing, said, “Shares are reacting to the results and reversing some of the short that was created due to speculation.”
Shares of Adani Power and Adani Green Energy fell 5% each in the broader Mumbai market which was up about 1%.
Two big companies within the Adani group are likely to repay their short-term commercial paper (CP) debt as it comes due in the next few months, as is usual, said two merchant bankers and a company official directly familiar with the matter. Case said.