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JPC should investigate Adani Issue: MA Mujeeb

Hyderabad: JPC should be formed to investigate the fall of the Adani group’s stock prices, said Bahujana Rashtra Samithi (BRS) Chief MA Mujeeb. He criticised the statement of Union Finance minister Nirmala Sitharaman, who said it would not impact the Indian economy.

Speaking exclusively to Indian White Paper, the BRS Chief MA Mujeeb said, “Today in the country, we are facing a huge crisis. We should definitely call it a crisis as the fall of Adani group’s shares and the value of the company will impact the country’s economy.”

He said the Adani group’s shares saw a massive downward spiral after a Hindenburg report found that the company’s valuation was inflated fraudulently. “The value of shares of SBI and LIC that invested in the Adani group has fallen sharply since January 23 till date. It has caused a severe loss to the common man, Mujeeb added.

The share value of Adani on January 23 was Rs 3,436. Now the share value of the group has fallen to Rs 1,483 on February 6, The BRS party demands to form a joint parliamentary committee in which every parliamentarian from all political parties can take part,” Mujeeb said, adding there should be an impartial probe when something impacts the country so deeply.

“It’s the responsibility of the Prime Minister morally and socially to speak out to the country and to the people so that Adani’s fiasco would not turn into an economical disaster,” he said, adding it is the moral of the Prime minister of this country to speak to the people of this nation.