Shares in Indian industrial conglomerate Adani slid and opposition politicians demanded action after the Financial Times and two other media outlets reported new revelations about family-linked shareholders in the company’s stock.
The reports shone a spotlight on Indian institutions and the relationship between the conglomerate’s founder Gautam Adani and Prime Minister Narendra Modi, in a febrile atmosphere ahead of elections early next year.
The value of the group’s 10 listed companies dropped by $4.2bn, or 3.3 per cent, on Thursday after the FT and The Guardian exposed opaque offshore structures that shielded some of the group’s largest shareholders, and their connections to the Adani family, from public sight.
Read the full story on the Financial Times here.