Adani stock fall: LIC, SBI 'lost over Rs 78k cr' in market cap, FM still on 'mute mode', says Cong
New Delhi, Jan 28: The Congress Saturday questioned the "silence" of the Union finance minister and probe agencies after LIC and SBI "lost over Rs 78,000 crore" in market capitalisation of their shares due to exposure in Adani Group.
LIC and SBI continue to invest in the Adani group even after the Hindenburg research report alleged share price manipulation and financial misappropriation by the group, Congress general secretary Randeep Surjewala claimed.
"LIC is public money! Post Hindenburg Report, the value of LIC investment in Adani Group shares have fallen from Rs 77,000 Crore to Rs 53,000 crore -- loss of Rs 23,500 crore.
"Also, LIC shares have lost Rs 22,442 Crore. Why is LIC still investing Rs 300 crore in Adani Group," Surjewala asked.
The Congress leader claimed that after the publication of the report, the SBI share's market cap has declined by a whopping Rs 54,618 crore.
Also, the loan exposure of SBI and other banks to Adani Group is Rs 81,200 crore, he claimed.
"The question is, why are SBI Employees Pension Fund and SBI Life still investing Rs 225 crore in Adani Group," Surjewala asked.
The Rajya Sabha MP also claimed that between January 24 and 27, the SBI and LIC lost a market cap of Rs 78,118 crore in value of their shares alone.
"The loan exposure of SBI and Invest Value decline of LIC in Adani Group is in addition thereto. Yet... RBI, SEBI, ED, SFIO, CBI, and the FM remain on 'mute' mode," Surjewala said in a series of tweets.
The Congress leader has earlier said that elsewhere "the prime minister would be asked to explain, the finance minister would be sacked and a full investigation would have been ordered."
The Hindenburg Report has pointed to the alleged manipulation of stock price by the Adani Group and alleged financial irregularities. The Adani Group has denied the allegations and termed it a campaign to defame the company ahead of its follow on a public issue.
1/3#LIC is PUBLIC MONEY!
— Randeep Singh Surjewala (@rssurjewala) January 28, 2023
Post #HindenburgReport , Value of #LIC investment in Adani Group shares have fallen from ₹77,000 CR to ₹53,000 CR- loss of ₹23,500 CR.
Also,LIC shares have lost ₹22,442 CR
Why is LIC still investing ₹300 CR in Adani Group?https://t.co/uJDgTa2l0R
2/3
— Randeep Singh Surjewala (@rssurjewala) January 28, 2023
After #HindenburgReport , SBI share’s “market cap” has declined by a whopping ₹ 54,618 CR
Also, Loan Exposure of #SBI and other Banks to Adani Group is ₹ 81,200 CR.
QUESTION IS..
Why are SBI Employees Pension Fund & SBI Life still investing ₹ 225 CR in Adani Group?
3/3
— Randeep Singh Surjewala (@rssurjewala) January 28, 2023
Between Jan. 24 and 27 i.e in 3 days, #SBI & #LIC have lost “market cap” of ₹ 78,118 CR in value of their shares alone!
The Loan Exposure of SBI & Invest Value decline of LIC in Adani Group is in addition thereto.
YET..
RBI,
SEBI,
ED,
SFIO,
CBI,
FM remain on “mute” mode.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Make polling hours 6am-7pm for May 7 LS polls, Karnataka BJP urges EC citing heatwave
Bengaluru, May 3: Citing the ongoing heatwave in the state, Karnataka BJP on Friday petitioned the Election Commission with a request to modify the polling hours to the 6am-7pm period in the 14 parliamentary constituencies in the state that goes to polls on May 7.
Polling is currently scheduled to be held in the second phase in the state in 14 segments in the northern districts between 7am to 6pm on May 7.
"It has become hard to come out and vote between hours 10.00 to 17.00 due to uncontrollable heat. The average heat in those parts (north Karnataka) covering 14 parliamentary constituencies are between 37 and 42 degree (Celsius). The mercury is rising at an alarming level and it would become hard for the electors to come out and vote," BJP's petition said.
The petition highlighted the alarming rise in temperatures, which are expected to go beyond 40 degree Celsius, and also stated that the number of voters over the age of 40 is high and that they are vulnerable to the heatwave.
"To keep up the good spirit of voting, necessary action should be taken," the BJP petition urged the Election Commission, saying, "In this background, it is requested to modify the time of voting in the 14 parliamentary constituencies from 06.00 to 19.00 hours on May 7".
Polling was held between 7 am and 6 pm during Karnataka's first phase of the Lok Sabha polls in 14 constituencies on April 26.
