Shares in Indian conglomerate Adani slid as Indian opposition politicians demanded action after both Financial Times and Guardian reported revelations about family-linked shareholders in the company’s stock and exposed opaque offshore structures that shielded some of the group’s largest shareholders and their connections to the Adani family. The report spotlighted relationship between Gautam Adani, the industrial group’s founder and Indian Prime Minister Narendra Modi in a febrile atmosphere before the election early next year. The value of the group’s 10 listed groups fell by £3.31bn or 3.3  per cent, yesterday.

India is hosting G20 Summit of leading economies on September 9-10. The report obtained by the Organised Crime and Corruption Reporting Project, a global network of investigative journalists that is part funded by George Soro’s Open Society Foundation.

After Hindenburg, a Us short selling group, had accused Adani of manipulating the share prices in a report published in January, India’s financial regulator told the Supreme Court there had been no such investigations before 2020.

Adani categorically rejected what it called “recycled allegations and sought to link the reports to billionaire Hungarian-US Businessman Soros, a Jew who survived the Nazi Holocaust that killed 5 lakh Jewish Hungarians, whose net worth of $6.7 billion as of 2023, made his fortune from hedge fund management, most notably with is Quantum Fund. He is known for his role in 1992 currency crisis that forced British government to withdraw from the European Exchange Rate mechanism (ERM) and devalue its currency, the Pound sterling on September 16, 1992 known as Black Wednesday,  and earned Soros the nickname of “the man who broke the Bank of England” as a result of massive bets he made against the British Pound and ,made an estimated |$1 billion profit for Soros and his Quantum Fund.