- Economy
- Education And Career
- Companies & Markets
- Gadgets & Technology
- After Hours
- Healthcare
- Banking & Finance
- Entrepreneurship
- Energy & Infra
- Case Study
- Video
- More
- Sustainability
- Web Exclusive
- Opinion
- Luxury
- Legal
- Property Review
- Cloud
- Blockchain
- Workplace
- Collaboration
- Developer
- Digital India
- Infrastructure
- Work Life Balance
- Test category by sumit
- Sports
- National
- World
- Entertainment
- Lifestyle
- Science
- Health
- Tech
'No Impact On Country's Reputation,' Sitharaman On Adani Crisis
Earlier on Friday the minister had said that the country’s regulators are normally very stringent about governance practices and therefore, one instance, is not going to be indicative of how well financial markets are governed
Photo Credit :
Union Finance Minister Nirmala Sitharaman on Saturday said that the recent withdrawal of Adani Enterprises’ Follow-on Public Offer (FPO) had no impact on the country’s macroeconomic fundamentals and reputation.
Earlier on Friday the minister had said that the country’s regulators are normally very stringent about governance practices and therefore, one instance, is not going to be indicative of how well financial markets are governed.
She said that India would continue to enjoy high investor confidence.
US short-seller Hindenburg Research in a report on 24 January published a report on Adani Group companies accusing it of improper use of offshore tax havens and flagging concerns about high debt that led to a massive rout in the Group’s stocks.
The total market cap of Adani Group on 3 February slipped 47.44 per cent to reach Rs 10,07,99 crore from Rs 19,18,056 crore on 24 January, the day the Hindenburg report was released.
Gautam Adani has also been moved out of the top 20 richest people’s list after the share price fall on 3 February is considered.
The corporate affairs ministry has started a preliminary review of Adani Group’s financial statements and other regulatory submissions made over the years, news agency Reuters reported citing two government officials.