Indian tycoon Adani hit by more losses, calls for probe

NEW DELHI (AP) — Losses for the troubled Adani Group, India's second-largest conglomerate, deepened on Friday as shares in its flagship company tumbled another 25%, extending over a week of declines that have wiped out tens of billions of dollars in market value.

The debacle, which led Adani Enterprises, the group's flagship company, to cancel a share offering meant to raise $2.5 billion, has drawn calls for regulators to investigate after a U.S. short-selling firm, Hindenburg Research, issued a report claiming the group engages in market manipulation and other fraudulent practices. Adani denies the allegations.

Opposition lawmakers blocked Parliament proceedings for a second day Friday, chanting slogans and demanding a probe into the business dealings of coal tycoon Gautam Adani, who is said to enjoy close ties with Prime Minister Narendra Modi.

The government has remained silent. A Finance Ministry spokesperson told The Associated Press there were no plans for any comment. Amit Malviya, the governing Bharatiya Janata Party’s information and technology chief, said in a television interview that the opposition was using Adani’s crisis to target the Modi government and that “regulators are looking into” what happened.

India’s market regulator, the Securities and Exchange Board of India, also has not commented. The Economic Times newspaper reported, citing unnamed sources, that the agency had asked stock exchanges to check for any unusual activity in Adani stocks.

Shares in Adani Enterprises fell as much as 30%, to 1,017 rupees ($12) Friday before recovering to trade about 15% lower. The company's share price has plunged by about 66% since Hindenburg released its report last week, when it stood at 3,436 rupees ($41). Stock in six other Adani-listed companies were down...