India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too

Tue, 02/07/2023 - 04:48

Members of Congress party demand an investigation into allegation of fraud by Adani group according to Hindenberg investigation, alleged investment by LIC and SBI in Adani Group and protest against Narendra Modi government over the issue on February 6, 2023 in Kolkata, India. — Ties between Indian tycoon Gautam Adani and Prime Minister Narendra Modi are under scrutiny.
Samir Jana/Hindustan Times/Getty Images

Indian tycoon Gautam Adani's companies have lost over $110 billion in market value since a US short seller attack in January.
Since then, Adani's ties with Prime Minister Narendra Modi have come under scrutiny.
Opposition party members took to the streets on Monday. They demand a probe into Adani's business empire.

Indian tycoon Gautam Adani's troubles with his conglomerate's stock price have spilled over to his country's politics — his ties to Prime Minister Narendra Modi have now come under scrutiny.