Adani Crisis Disrupts India’s Parliament

Opposition parties are calling for a probe into allegations of fraud against companies linked to Indian billionaire Gautam Adani

Shares of companies linked to Indian billionaire Gautam Adani plunged after short seller Hindenburg Research published a scathing report accusing his company of wide-ranging fraud. WSJ’s Ben Foldy explains what to know. Illustration: Ryan Trefes

NEW DELHI—India’s opposition political parties stepped up calls for an investigation into allegations of stock-price manipulation and fraud against the country’s Adani Group, disrupting Parliament and staging protests to put pressure on the government of Prime Minister Narendra Modi.

Their actions follow a report last month by U.S. short seller Hindenburg Research that accused the energy and infrastructure conglomerate headed by Indian billionaire Gautam Adani of wide-ranging fraud, including the use of shell companies to manipulate its share prices. His companies’ stocks and bonds plunged following the report’s release, leaving investors with billions of dollars in losses.