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India's finance minister says markets 'well regulated' after Adani storm

Combined market cap of Adani Group's listed units has collapsed by more than $120 billion

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New Delhi: Union Finance Minister Nirmala Sitharaman leaves after addressing BJP members on Union Budget 2023-24 at Parliament Library in New Delhi on Friday. - PTI

By AFP

Published: Fri 3 Feb 2023, 7:09 PM

Indian Finance Minister Nirmala Sitharaman said Friday her country's markets were "well regulated" and she did not expect the controversy around tycoon Gautam Adani's business empire to affect investor confidence.

The combined market cap of Adani Group's listed units has collapsed by more than $120 billion -- about half of the group's value -- since US short-seller Hindenburg Research released an explosive report last week.

It accused Adani of accounting fraud and artificially boosting its share prices, calling it a "brazen stock manipulation and accounting fraud scheme" and "the largest con in corporate history".

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India remained "an absolutely well governed" country and a "very well regulated financial market", Sitharaman told broadcaster News18.

"One instance, however much talked about globally, I would think is not going to be indicative of how well Indian financial markets have been governed," Sitharaman said.

Sitharaman said public sector financial institutions had released detailed statements showing they had limited exposure to Adani Group and would not be significantly affected by the share crash.

"I think the investor confidence which existed before shall continue even now," she added.

bur-gle/mca

AFP

Published: Fri 3 Feb 2023, 7:09 PM

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