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Adani Group Nirmala Sitharaman: Finance Minister Nirmala Sitharaman has termed the steep fall in shares of Adani Group as a company-centric affair, saying that regulators like SEBI and the Reserve Bank should always be vigilant to keep the stock market stable. In a conversation with a TV channel, Sitharaman said that banks and insurance companies have not invested excessively in any one company. Along with this he assured that Indian markets are very well managed by the regulator. Banks and insurance companies themselves are coming forward and clarifying their position regarding the Adani group. He has not invested much money in any one company. He himself is saying this by coming in front.
There are occasional minor shocks in the market
While talking to a media channel, he said that yes, there have been minor setbacks in the market occasionally, but these regulators take care of such issues. I am of the clear opinion that our regulators are engaged in this issue. Shares of Adani group companies have fallen drastically in the last 10 days. The conglomerate’s market capitalization has fallen by more than $100 billion after a report by Hindenburg Research accused it of adopting unfair practices to boost share prices. However, the Adani Group has denied these allegations, saying that its companies comply with all applicable laws and disclosure provisions.
It’s a matter of the company
When asked about the role of regulators in this matter, Sitharaman said, “My only opinion is that regulators, whether it is RBI or SEBI, should act on time and work to keep the market stable.” As a finance minister, I am of the opinion that regulators should always be on the alert. When asked whether the ongoing decline in Adani Group shares is a group-only affair, he said, “I think so.” I do not see this case having any bearing on foreign capital inflows into India. In the last few days, the foreign exchange reserves have increased by eight billion dollars.
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