Adani crisis sparks protests in India as sell-off losses top $110 bn

The crisis engulfing the Adani group intensified on Monday as dozens of members India’s main opposition party were detained by police during protests, and parliament was suspended again due to disruptions over the saga. Adani shares continued their freefall, with the conglomerate’s cumulative market value loss topping $110 billion. The crisis was triggered by U.S.-based short-seller Hindenburg Research’s Jan. 24 report that accused the Adani group of stock manipulation, unsustainable debt and use of tax havens. The Adani group, one of India’s top conglomerates, has rejected the criticism and denied wrongdoing in detailed rebuttals, but that has failed to arrest the unabated fall in its shares.