Rahul Gandhi's prediction about 'Adani bubble' came true: Digvijaya

Adani group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations against the company

Congress leader Digvijaya Singh on Saturday said Rahul Gandhi had predicted that the meteoric rise in the share prices of Adani group firms was a "bubble" which would burst soon.

Adani group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations including fraudulent transactions and share price manipulation. The group has dismissed the charges as lies.

Also read | Adani Enterprises shelves Rs 1,000 crore bond plan after market rout

“A security personnel of the Lok Sabha told Rahul Gandhi that shares of Adani group were doing well. He (Gandhi) told him that it was just a bubble which would burst soon,” Singh said. This was precisely what happened a month later, the Rajya Sabha leader added. Incomes of most people fell during the coronavirus pandemic but the market capitalizations of capitalists soared, Singh said.

"It is hard to understand that when the market remained closed how the market capitalisation of businessmen skyrocketed,” he added. The Bharatiya Janata Party (BJP) had promised in 2014 that it would bring back black money stashed overseas but nothing happened in the last nine years, Singh said.