India parliament adjourns for a second day over Adani issue

BOTH houses of India’s parliament were adjourned for a second day on Friday (Feb 3) after opposition disrupted the sittings by pushing for a parliamentary investigation into the stock rout in embattled tycoon Gautam Adani’s companies.

The main opposition Congress party is planning nationwide protests on Monday to highlight the risks to millions of small investors because of the exposure of state-owned institutions in Adani’s businesses and draw attention to the embattled tycoon’s links with Prime Minister Narendra Modi.

The Congress party will protest in front of the offices of Life Insurance Corporation and State Bank of India, general secretary KC Venugopal, said in a statement. “The government can’t jeopardise the hard-earned money of the people of India to profit the crony friends of the prime minister.” 

Opposition parties are also demanding Modi’s government order an investigation into the crisis that’s hit Adani Group companies, a fallout of allegations of widespread fraud and market manipulation from US short seller Hindenburgh Research. Parliament was disrupted on Thursday as opposition lawmakers shouted anti-Adani slogans. BLOOMBERG