Mumbai Police Detains Congress Leaders Protesting Against Adani Outside NSE

Mumbai Police on Wednesday detained several Congress leaders who were protesting against Adani, from outside of NSE.

Congress leaders being detained by the Mumbai Police

Source : Twiiter | @ANI

Mumbai Police detained several Congress leaders on Wednesday from outside the National Stock Exchange (NSE) in Mumbai where they were protesting against Gautam Adani, reported news agency ANI. When a leader refused to get up from the ground, the police officials carried him to the police van.

ANI shared footage from the site of the protest which showed Congress leaders being detained.

#WATCH | Mumbai police detain Congress leaders who were protesting against Gautam Adani, outside NSE stock exchange in Mumbai pic.twitter.com/s38mMGm4NR

— ANI (@ANI) March 1, 2023

In the one-minute video, police officials were seen carrying a Congress leader to its van, while others who were already in the van were seen raising slogans against industrialist Gautam Adani. 

In the most recent update in this row, Adani Group is planning to prepay or repay share-backed loans worth between $690 million and $790 million by end of March this year, reported news agency Reuters. The report citing two people with knowledge of the matter said also said that Adani Green Energy plans to refinance its 2024 bonds via an $800 million, three-year credit line. 

Adani row stemmed from the publication of a report of Hindenburg Research titled 'Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History', which questioned the accounting and corporate governance practices of Adani Group, and also raised the issue of heavy debt. 

As per the report, Gautam Adani, the founder, and chairman of the Adani Group, has seen his net worth rise to approximately $120 billion mainly due to stock price appreciation in the group's 7 key listed companies. The listed companies have increased by an average of 819% in the past 3 years. However, the 7 key listed companies of the Adani Group have a significant downside risk of 85% based on their high valuations.

Additionally, these companies have taken on significant debt, including using their inflated stock as collateral for loans, which puts the entire group in a financially precarious position, the Hindenburg report mentioned.