Kavitha demands JPC probe into Adani issue

Kavitha said 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

Hyderabad: BRS MLC K Kavitha on Monday demanded that a Joint Parliamentary Committee (JPC) should be constituted to investigate the fall of the Adani Group’s stock prices and also wanted Prime Minister Narendra Modi to speak out on the issue. She criticised union Finance Minister Nirmala Sitharaman over her reported statement that the Adani issue would not impact the Indian economy.

“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,” she told the media after the State budget presentation in the Council on Monday.

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The MLC pointed out that the Adani group’s shares saw a massive downward spiral after the Hindenburg report found that the company’s valuation was inflated fradulently. “The value of shares of SBI and LIC that invested in the Adani Group has fallen sharply since January 23 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,” she said.

On behalf of the BRS, Kavitha demanded that a JPC must be formed in which every parliamentarian from all political parties can take part. She said 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 does not turn into an economical disaster,” she added.