New Delhi: Recently, a report by America’s short selling firm Hindenburg Research has created an uproar in the country’s business sector. The report claimed that the Adani Group has been involved in blatant stock manipulation and account fraud for decades. Due to this, there has been a huge fall in the shares of Adani Group and its market cap has decreased by more than $ 100 billion. Due to the recent fall in the stock market, India is no longer in the top five countries of the world in terms of market cap. Now he has slipped to sixth place in this list. In such a situation, questions are being raised that will India’s business sector be able to overcome this challenge? Will this put a dent in India’s ambition to become an economic powerhouse? Anand Mahindra, Chairman of Mahindra Group has given the answer through a tweet.
Padma Vibhushan awardee Mahindra has given a befitting reply to those questioning India’s economic strength through the Adani crisis. Outspoken Mahindra said in a tweet, “There is speculation in the global media whether the current challenges in the business sector will enable India to fulfill its dream of becoming an economic powerhouse.” I have seen many times of earthquakes, droughts, recessions, wars and terrorist attacks. All I would say is never bet against India. In this way, Mahindra has given a reply not only abroad but also to such people in the country who are questioning the economic policies of the government on the pretext of Adani crisis. He has more than one crore followers on Twitter.
$108 billion shock
Hinderburg Research had released its report just before the Rs 20,000 crore FPO of Adani Enterprises, the flagship company of the Adani Group. However, Adani Group termed this report as a bundle of lies and called it a conspiracy against India. Although the FPO of Adani Enterprises was fully subscribed, the Adani Group has decided to withdraw it citing ethics and return all the investors’ money. But due to the report of Hinderburg Research, the market cap of Adani Group has declined by $ 108 billion and Adani has also slipped from third to 21st in the list of the world’s richest people.
