Finance Minister Nirmala Sitharaman has said the country’s markets are ‘well regulated’, and she did not expect the controversy over industrialist Gautam Adani’s business empire to affect investor confidence.
The market valuation of Adani Group has fallen by more than US $ 120 billion, which is almost half of the group’s total value.
The decline in the group’s shares began when American short-seller Hindenburg Research made several allegations against the group in a report last week.
In this, the Adani group has been accused of fraud in the account and artificially increasing the prices of shares.
In the report, it has been described as stock manipulation, account fraud and the biggest scam in corporate history.
Finance Minister Nirmala Sitharaman said that India is becoming a “well-governed” country and an “extremely well-regulated market”, and I think an incident that is being discussed globally will not be an indicator of that. how well the Indian financial market is governed…”
The Finance Minister said that public sector financial institutions have issued detailed statements showing that they had limited exposure to Adani Group and would not be affected much by the stock crash.
She said, “I think the confidence that investors had earlier will remain.”