Adani's fall reignites scrutiny of billionaire's close ties with Modi
Publishing timestamp: 2023-02-15 23:37:44
Summary
Indian billionaire Gautam Adani's rapid downfall has sparked renewed scrutiny on tycoon's close ties with India's Prime Minister Narendra Modi. Adani lost his crown as Asia's wealthiest man in matter of days, as his fortunes unraveled after report from short-seller firm Hindenburg Research in late January alleging fraud. India's top industrialist has also drawn attention of country's watchdog Securities and Exchange Board on India. markets regulator is now launching investigation into allegations made by Hindenburg against Adani business empire. Adani has rejected claims that he gained personal favors from Modi, calling such allegations baseless. Opposition critics have also accused Mod's government of giving unfair favors to Adani's business empire. It is hard to predict what effect, if any, fresh scrutiny will have on Modi's popularity and his ruling Bharatiya Janata Party.
Sentiment: MIXED
Tickers: ADANIPORTS-IN, ADANIGREEN-IN,
Keywords: business news, adani port and special economic zone ltd, asia economy, india, narendra modi, adani green energy ltd,
Source: https://www.cnbc.com/2023/02/16/adanis-epic-fall-reignites-scrutiny-on-tycoons-close-ties-modi-.html