Rishi Bagree spreads misinformation on Wipro, Tesla to defend Adani Group.

He uses Wipro, Tesla’s share price decline to defend Adani who is accused of fraud and many other wrongdoings.

Claim

Wipro’s share price fell by 45% and wiped out Rs 2 lakh crore worth of investors’ wealth recently.

Yet no one demanded a JPC on Wipro.

Tweet Link | Archive Link

Rating

Explanation

Rishi Bagree and other BJP supporters along with the right-wing ecosystem have been tweeting extensively in favor of Adani Group lately. Adani Group’s share value seen a sharp decline after the allegations levelled against the conglomerate by the US short seller Hindenburg Research. The allegations include fraud, stock market manipulation, using shell companies to inflate prices etc.

The Logo of "Hindenburg Research"
Short seller Hinderburg Research

Although the group vehemently denied these charges, the investor perception about the company took a beating and led to dumping of the Group’s stocks which led to massive drop in share prices. At one point, the share price was down close to 70% from its value over a 30-day period.

Adani Group had claimed that the Hindenburg Report against them as the attack on India and several other BJP supporters have taken a similar stand including the former cricketer Virendar Sehwag who called it “a well planned conspiracy”.

Archive Link

Similarly, Rishi Bagree had been defending the Adani group in the past few days. He also launched an attack on the opposition parties who had been seeking enquiry into Adani Group through Joint Parliamentary Committees (JPC) and other means by questioning if similar demands were made during the 45% price drop in the share price of Wipro. Rishi also cited the example of Tesla and said that the parliamentarians of USA did not keep such demands.

Archive Link

What’s the truth?

In our search, we found that the drop in share price referred to by Rishi Bagree happened in 2022. The share price was at Rs.715 at the end of 2021. The Wipro shares closed at Rs.392 by the end of 2022, a drop of around 45%.

In our keyword search, we found an article titled “Why Wipro shares have fallen more than TCS, Infosys since 2021” from December 2022. The article also highlighted various reasons for the fall of share price including weak performance forecasts and reduced gross margins. The fall had been over a 1-year period.

 

However, Adani Group’s shares fell more than 50% in value in just 5 trading sessions. Moreover, the fall was not because of organic factors from the industry but due to the allegations of fraud and artificially inflating stock prices. Rishi Bagree also brought up steep fall in share value of the EV maker Tesla. But, the share value of Tesla fell over a period of several quarters and not on any allegations of fraud or illegal activities.

 

In the blatant attempt to support Adani Group, Rishi Bagree had made these misleading tweets which are attempted at equating the drop in share value of Wipro and Tesla to that of Adani Group which is an unfair comparison, as there were no allegations of wrongdoings in the former cases.

Here’s the list of other misleading or fake claims made by Rishi Bagree.

Conclusion

In our search, we find that the claims made by Rishi Bagree are misleading, as the share price of Wipro and Tesla fell over relatively longer period of time than the fall in share prices of Adani Group to more than half in just 5 trading sessions due to the allegations of fraud among other illegalities.

Please complete the required fields.




Ramasamy Jayaprakash

Ramasamy works as a Senior Sub-Editor at YouTurn and writes articles in Tamil and English. He also makes videos for YouTurn's Tamil & English YouTube channels.
Back to top button