No impact of Adani FPO cancellation on economy: Union finance minister Nirmala Sitharaman

NEW DELHI: Union Finance Minister Nirmala Sitharaman said here on Saturday that the cancellation of Adani Enterprises’ next public offering (FPO) will not have any impact on the economy and will not affect the image of the economy.
Answer questions about the incident of Adani Corporation stocks, the finance minister said, “Regulators will do their job and they are independent of the government. What they do is up to them. Keeping the market regulated and in top shape is Sebi’s role, and it has done that.”

Sitharaman said the RBI has released its statement on the Adani issue, and the public sector banks and the LIC have released a statement about their exposure to the group.


Adani Group companies lose more than 100 billion USD: What you need to know

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Shares of Adani Group companies have been in free fall since Hindenburg published reports alleging stock manipulation, etc.

The decline in share prices of Adani group companies culminated in the cancellation of the FPO of the group’s flagship company, Adani Enterprises’. On Friday, FM said in an interview with a news channel that no matter how much the issue is discussed globally, it is not an indication that financial markets are regulated. how good.
Speaking to the media on Saturday, Sitharaman said the cancellation of the FPO would not affect the fundamentals of the economy. “How did our foreign exchange reserves grow by $8 billion? The macroeconomic fundamentals or the image of our economy are not affected,” she said.

Sitharaman says that every market has seen volatility, FPO cancellations, and the withdrawal of foreign institutional investors. “How many times has the FPO been revoked and how many times has the image of the country been affected,” she asked.

Hindenburg vs Adani: 'Regulators will do what needs to be done,' says Nirmala Sitharaman

Hindenburg vs Adani: ‘Regulators will do what needs to be done,’ says Nirmala Sitharaman


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