BJP is known forming govt even after losing polls; Cong-JD(S) ended trend: Yechury

Agencies
May 23, 2018

New Delhi, MAY 22: The ripples created by the Karnataka results have refused to die down in the CPM with general secretary Sitaram Yechury on Tuesday virtually rejecting an editorial in the party mouthpiece that pilloried Congress.

A communique issued by the CPM polit bureau acknowledged the developments in Karnataka, where the "BJP-RSS attempts to cobble a majority through horse-trading have been thwarted".

"The BJP has perfected the art of losing elections and then forming the governments. This trend has been stopped with the formation of a government by the JD(S) and Congress," he told a press conference a day after the polit bureau meeting.

He said the developments in Karnataka are the "beginning of a big political change" in the country and he, along with Kerala Chief Minster Pinarayi Vijayan, would attend the swearing-in.

His remarks come days after Peoples Democracy, edited by Polit Bureau (PB) member Prakash Karat, described the Karnataka results as a "big loss" to the Congress and criticised its chief Rahul Gandhi's temple visits, saying it "proved to be a flawed and compromising approach" to counter the Hindutva forces".

When asked about the editorial in the party mouthpiece, Yechury said, "you have the PB communique. That is the party line."

Yechury's subtle public comments against the editorial comes amid signals that the faction led by Karat, which takes a stringent anti-Congress line in the fight against the BJP, does not want to water down their Opposition to the main Opposition party.

The editorial last week also came at a time when Yechury was holding discussions to convince the JD(S) leadership, which was speculated to be warming up to the BJP, not to dump the secular camp.

The party has been witnessing a tussle between supporters of Yechury and Karat on whether the CPM should have an understanding with the Congress to counter the BJP.

Yechury, who argues for a broad-based understanding with all secular parties that includes the Congress, had managed, in the Party Congress, to amend the draft political resolution to keep the options open for an electoral understanding with the Congress.

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News Network
November 21,2024

adani.jpg

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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