RBI, SBI should investigate collapse of Adani Group shares: Mallu Ravi

HYDERABAD: The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) should probe the collapse of Adani group shares, said Telangana Pradesh Congress Committee (TPCC) Vice President Mallu Ravi on Saturday.

Mallu Ravi, speaking to the media at Gandhi Bhavan on Saturday, questioned the reasons for the decline of Adani group shares. The RBI and SEBI should look into this since several public sector organisations were handed over to Adani group after Narendra Modi became Prime Minister of our country, he said.

He further said that several big firms, including LIC and SBI, were losing money. The loss of Adani was a major loss for the country, not just for him.

He also said, that along with LIC, SBI, many companies were losing money. The loss of Adani group was not his alone but it was a huge loss for the country.

Mallu Ravi said that the Prime Minister helped Adani in obtaining contracts in other countries. Modi's role as a spectator was not appropriate, he added.

He said, the country's economy is on the verge of collapsing. Damage prevention measures should be implemented as soon as possible. He said that the reasons of this crisis must be investigated.