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Nandikanti slams Centre’s silence over depreciation of LIC shares

Hyderabad: Bahujana Rashtra Samiti (BRS) General Secretary Nandikanti Sai Kumar slammed the Union government for maintaining silence over the depreciation of LIC shares invested in Adani Group of companies.

Nandikanti Sai Kumar wondered why the Modi government was not showing any interest in ordering an inquiry into the allegations of stock manipulation in the Adani group of companies, whose market cap has crashed by Rs12 lakh crore ever since the release of the Hindenburg report.

The BRS General Secretary pointed out that the LIC had lost 11 percent on its purchase value of Adani and said that it was “very unbecoming” of the Union government to play with the people’s hard-earned money.

“What does the Modi government have to say to the lakhs of middle class families invested in LIC ?,” Nandikanti Sai Kumar asked. He also questioned what the Enforcement Directorate (ED) or the CBI were doing even when a scam of this magnitude had broken out and asked whether the two investigation agencies were meant for only political witch-hunts.

Demanding a Joint Parliamentary Committee (JPC) probe into the episode, the founder General Secretary of the BRS also urged Union Finance Minister Nirmala Seetharaman and SEBI to initiate recovery measures and go to the rescue of the millions of investors and dependent households who are already bearing the brunt of the scam.