Jairam Ramesh urges RBI, SEBI to probe allegations against Adani Group

Senior Congress leader Jairam Ramesh has written to the Reserve Bank of India (RBI) Governor Shaktikanta Das and Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and sought an investigation into allegations of financial irregularities and stock manipulation against the Adani Group.

In his letter to Das posted on Twitter on Wednesday, Ramesh urged the RBI to ensure that “excessive debt exposure” by the Adani Group currently and in the future does not destabilise India’s banking system.

“The Adani Group has been described as ‘deeply over-leveraged’ – if the Adani Group has artificially inflated the value of its stock through manipulation by offshore shell companies and raised funds by pledging those overvalued shares,