Indian parliament disrupted over Adani bribery charges

NEW DELHI: India’s parliament was suspended on Monday after disruption by lawmakers demanding a discussion of bribery allegations against the Adani Group.

Outside parliament, dozens of members and supporters of the youth wing of Congress marched in protest, carrying placards demanding Adani’s arrest and shouting slogans linking him to Modi. Some tried to jump over police barricades as they marched towards parliament and were detained and taken away in buses.

The crisis is the second in two years to hit the Adani group, which was last year accused by short-seller Hindenburg Research of improperly using offshore tax havens. The company denied those claims. The disruption in parliament came as investors cut their exposure to the conglomerate, depressing Adani dollar bond prices.

Banks and regulators have been reviewing exposure to the group in the wake of the charges. Some global banks are considering temporarily halting fresh credit to the company after the US indictment but maintaining existing loans, according to several bankers spoken to by Reuters.

In Asian trade on Monday, some of the most liquid debts, issued by Adani Ports and Special Economic Zone fell between 1 cent and 2 cents, with similar selling in Adani Transmission debt. Adani group’s 10 listed stocks led by Adani Enterprises lost about $28bn in market value over two sessions last week after the US charges.