Adani Group: Will the economy get a jolt due to the cancellation of Adani FPO? Finance minister explained to investors

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that regulatory bodies are doing their job amid the current controversy over the Adani case. SEBI has been left free by the government so that it can properly investigate the matter. SEBI has the means to ensure the stability of the markets. The Finance Minister said that the withdrawal of Adani Group’s Rs 20,000 crore FPO has not affected the image of the country’s economy. FPOs have been withdrawn many times in the country and it did not affect the image of the country. Ups and downs happen in every market. In the last few days, we have got 8 billion dollars of foreign exchange reserves. This proves that the belief about India and its strength remains intact. RBI has already stated that the banking sector is strong and stable.

On the other hand, according to an agency, Adani Group has now put the bond plan on hold after withdrawing the FPO of Adani Enterprises. The company had planned to raise Rs 10 billion through this. The company was going to public sale of bonds for the first time. US short selling firm Hindenburg Research has accused the Adani Group of stock manipulation. After this, the shares of the group companies are continuously falling. Adani Group has rejected these allegations. He says that this is a conspiracy to defame the country.

Gautam Adani: The havoc of Hindenburg Research! Adani Group also shied away from bonds after FPO

Will ensure markets function properly: SEBI

Markets regulatory body SEBI said on Saturday that it will do all necessary monitoring while maintaining fairness and strong fundamentals in the stock market. SEBI said that measures are being taken to deal with high volatility in certain stocks. Without naming Adani Group, the body said, last week abnormal volatility was seen in the price of shares of a business group. We want to maintain the orderly functioning of R Market. There are ways to deal with high volatility in a particular stock. This system gets activated automatically when there is a fluctuation in the prices.

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The government again said… nothing to hide

Union Minister Anurag Thakur said on Saturday that banks and LIC have already issued their statement in Adani’s case. The government has nothing to hide in this matter. He said that the opposition parties are creating ruckus in the Parliament so that the general budget cannot be discussed. On the other hand, Bihar CM Nitish Kumar said that whatever allegations are being made in the Adani case, they should be investigated. Let us tell you that the opposition created a ruckus in the Parliament in the past days regarding the Adani controversy. The opposition demands that a JPC should be formed to investigate the entire matter or the investigation should be done under the supervision of the Supreme Court.