Allegations against Adani group: Chhattisgarh Cong protests in front of LIC, SBI offices

The ruling Congress in Chhattisgarh on Monday staged protests in front of the Life Insurance Corporation (LIC) and State Bank of India (SBI) offices in all the district headquarters across the state in connection with the allegations against the Gautam Adani group and the resultant stock market upheaval.

Adani group stocks have taken a massive hit 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. Opposition parties have alleged the value of shares held in Adani group firms by LIC and leading lender SBI had eroded massively, which they claimed was a setback to taxpayers.

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The protesters sought a joint parliamentary probe into the allegations against the Adani group as well as a white paper on the issue from the Bharatiya Janata Party-led Union government. Addressing the gathering outside the Jai Stambh Chowk branch of SBI, Chhattisgarh Congress chief Mohan Markam said the allegations show LIC and SBI made "risky investments" in the Adani group. The common man, who has been affected by the stock rout, needs to know who sanctioned such "disproportionate loans" from state entities to the group, Markam said.