Adani woes spur protests as stock turmoil turns political

NEW DELHI (AP) — Hundreds of demonstrators from India's main opposition party turned out Monday in India's capital New Delhi and other cities demanding an investigation into allegations of fraud and stock price manipulation by India’s second-biggest business group, headed by coal mining tycoon Gautam Adani.

In New Delhi, Congress Party workers threw fake currency notes in the air and chanted slogans. Some burnt a suitcase plastered with images of Prime Minister Narendra Modi and Adani. Some protesters scaled police barricades and were detained and taken away in police vans.

Opposition party workers in the financial capital, Mumbai, and in the southern city of Chennai gathered outside the offices of a state-run bank and the country's largest insurer, which known to have investments in Adani shares.

Members of the opposition Congress party urged people across India to protest, adding to pressure on Modi to respond to a massive sell-off of shares in Adani Group companies after a U.S.-based short-selling firm, Hindenburg Research, accused them of various fraudulent practices. The Adani group has denied any wrongdoing.

Adani, who is thought to have close ties to Modi, and his companies have lost tens of billions of dollars as investors dumped their shares. Last week, the Adani Group cancelled a $2.5 billion share offering, promising to provide refunds to investors.

Lawmakers disrupted Parliament proceedings for a third day on Monday as calls mounted for India’s market regulator to look into Hindenburg’s claims.

Adani's fortune had swelled by more than 2,000% in recent years. Critics say he has benefited from strong relationships with Modi and his government, while others point out he also prospered under previous administrations.

“What action has been taken, if ever, to...