India's Supreme Court sets up panel to investigate Adani allegations
Publishing timestamp: 2023-03-03 02:16:07
Summary
India's Supreme Court has set up an independent panel to investigate if there were any regulatory failures related to allegations against the Adani Group, after a bombshell report from a U.S. short seller. The panel will investigate the regulatory failure and suggest measures to strengthen the regulatory framework. Billionaire founder Gautam Adani welcomed the order, but the Adani Group has been accused of stock manipulation and fraud, leading to a massive selloff in their stocks and wiping out roughly $140 billion in market value. George Soros has criticized the close relationship between Modi and Adani, and has said that Modi will have to answer questions from foreign investors and in parliament.
Sentiment: NEGATIVE
Tickers: ADANIENT-IN,
Keywords: asia economy, world economy, india, narendra modi, business news,
Source: https://www.cnbc.com/2023/03/03/indias-supreme-court-orders-probe-into-adani-allegations-.html