Form joint parliamentary committee to probe Adani fiasco: Kavitha

Adani group's shares saw a massive downward spiral after a Hindenburg report found that the company's valuation was inflated fraudulently.

Hyderabad: Bharata Rashtra Samithi (BRS) MLC Kalvakuntla Kavitha on Monday said that a joint parliamentary committee should be formed to investigate the fall of the Adani group’s stock prices, so that it does impact the Indian Economy.

Kavitha, while speaking to the media at the Telangana Legislative Council premises said, “Today in the country we are facing a huge crisis. We should definitely call it a crisis as the fall of Adani group’s shares and the value of the company will impact the country’s economy.”

The BRS MLA criticised the statement of Union Finance minister Nirmala Sitharaman who said that it would not impact the Indian economy. The Adani group’s shares saw a massive downward spiral after a Hindenburg report found that the company’s valuation was inflated fraudulently.

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“The value of shares of SBI and LIC that invested in the Adani group has fallen sharply since 23 January till date. It has caused a severe loss to the common man. The share value of Adani on January 23 was Rs 3,436. Now the share value of the group has fallen to Rs 1,483 on February 6, The BRS party demands to form a joint parliamentary committee in which every parliamentarian from all political parties can take part,” stated Kavitha.

Kavitha, who is the daughter of Telangana chief minister K. Chandrahsekhar Rao, said that there should be an impartial probe when something impacts the country so deeply. “It’s the responsibility of the Prime Minister morally and socially to speak out to the country and to the people so that Adani’s fiasco would not turn into an economical disaster,” she added..

She also alleged that Prime Minister Narendra Modi said that the world knows how Adani has built his empire with the support of the Modi government. “So it is the moral of the Prime minister of this country to speak to the people of this nation,” Kavitha said.

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