Finance Minister Sitharaman’s statement came for the first time on Adani share crash, said- LIC and bank both are in profit, there is no need to panic

Finance Minister Nirmala Sitharaman has reacted to the Adani crisis in an interview with News18. He said that India’s financial sector is very well regulated and it does not matter how much is said globally that financial markets are deregulated. Quoting the statements of SBI and LIC, the Finance Minister said that their investments in Adani Group shares are very well within the permitted limits and they are still more than profitable despite falling valuations. He said, “I think the confidence that investors had earlier will continue.

The Finance Minister said that they have stated very clearly that their exposure is within the permissible limits and they are sitting on profits despite the fall in valuations. Sitharaman said that the Indian banking sector today is at a very comfortable level and their position is very good. He said that he has given the statement with a sense of responsibility. NPAs are coming down and recoveries are happening and the situation reflects when they go to the market to raise money.

On the global reactions triggered by the Adani crisis over the past few days, Sitharaman said India remains as it was, absolutely well-governed with a stable government and a well-regulated financial market. As a result, the investor confidence that existed earlier continues to hold. Our regulators are generally very strict about certain governance practices. An example should not be indicative.