George Soros says turmoil at Adani may weaken Modi govt

Billionaire philanthropist George Soros believes the turmoil at Gautam Adani’s business empire may weaken Prime Minister Narendra Modi’s hold on the government – a statement which was strongly countered by BJP as an attack on Indian democracy.

Adani group has been under severe pressure since the US short-seller Hindenburg Research on January 24, accused it of accounting fraud and stock manipulation, allegations that the conglomerate has denied as “malicious”, “baseless” and a “calculated attack on India”.

While listed companies of the group lost over USD 125 billion in market value in three weeks, opposition parties inside and outside Parliament attacked the BJP government for the meteoric rise of the ports-to-energy conglomerate. Stocks of most group firms have risen in the last couple of days.