JPC should investigate Adani Group issue: BRS leader K Kavitha

Bharat Rashtra Samithi (BRS) leader K Kavitha on Monday demanded that a Joint Parliamentary Committee (JPC) should be formed to investigate the fall of the Adani Group's stock prices and also wanted Prime Minister Narendra Modi to speak out on the issue. The daughter of Telangana Chief Minister and BRS President K Chandrasekhar Rao criticised the statement of Union Finance Minister Nirmala Sitharaman over her reported statement that the beleaguered conglomerate's issues would not impact the Indian economy.

"Today in the country, we are facing a huge crisis. We can 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," Kavitha said.

The Adani Group is battling allegations of fraudulent transactions and share price manipulation raised by US-based activist short-seller Hindenburg Research, leading to a steep fall in the prices of its shares.


The business group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

"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," according to Kavitha.

The BRS party demands that a JPC must be formed in which every parliamentarian from all political parties can take part, the MLA said adding there should be an impartial probe when something impacts the country so deeply.

She also demanded the Prime Minister to speak out on the Adani stocks issue.

"This is a moral obligation, Prime Minister. You should come out and explain to the people of the nation what is happening to the economy of the country as a result of Adani's fiasco. 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 economic disaster," Kavitha said.

The former MP also demanded the Modi government should give more money to MGNREGS in the revised budget estimates.