Adani Allegations Spark Turmoil in Indian Parliament and Global Markets

Indian opposition lawmakers demand discussion of bribery allegations against the Adani Group, leading to parliament suspension. Major partner TotalEnergies halts investments, citing a U.S. probe. Investors reduce exposure, causing Adani stocks to tumble. Opposition pressures government for a detailed discussion, alleging undue ties between Modi and Adani.

In a dramatic turn of events, Indian opposition lawmakers caused a suspension in both houses of parliament as they called for a debate over bribery allegations involving the Adani Group. The claims have shaken international markets and prompted key partner TotalEnergies to pause future investments in the conglomerate.

The allegations, involving approximately $265 million in bribes for contracts, have led TotalEnergies to halt financial contributions. The company has emphasized its stand against corruption. Meanwhile, Adani stocks have experienced a significant drop amidst investor uncertainty and scrutiny from global banks.

Amid mounting pressure and claims of a close relationship between Prime Minister Narendra Modi and Gautam Adani, Indian opposition parties continue to demand a parliamentary discussion. The political uproar has highlighted ongoing concerns about business-government ties, as the situation poses a risk to India's international reputation.

(With inputs from agencies.)