Adani woes spur protests as stock turmoil turns political

By KRUTIKA PATHI
Associated Press

NEW DELHI (AP) — Hundreds of demonstrators from India’s main opposition party have gathered in New Delhi and other cities to demand regulators investigate allegations of fraud and stock manipulation by India’s second-biggest conglomerate, headed by coal mining tycoon Gautam Adani. Meanwhile, the Adani Group said its anchor investors would prepay $1.1 billion in loans backed by Adani shares. The news pushed the share price of one Adani company sharply higher. The Adani Group suffered a massive sell-off of its shares after a U.S.-based short-selling firm, Hindenburg Research, accused it of various fraudulent practices. The Adani Group has denied any wrongdoing. Adani and his companies have lost tens of billions of dollars as investors dumped shares.