Nirmala Sitharaman said in Adani case, withdrawal of FPO will not affect India’s image, regulator will do its job
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Mumbai : Finance Minister Nirmala Sitharaman on Saturday said that the withdrawal of Adani Group’s Rs 20,000 crore follow-on public offer (FPO) has not affected the image of the country’s economy. The Finance Minister told a post-budget press conference here that in the last two days only eight billion US dollars of foreign exchange has come. Sitharaman said that neither our macroeconomic fundamentals nor the image of our economy has been affected. Yes, FPOs (follow-on public offers) keep coming in and FIIs keep going out. He said that every market has ‘ups and downs’, but the growth in the last few days proves the fact that there is faith in India and its strength.
Regulators will do their work on the allegations
Responding to a question on the allegations leveled against Adani Group, he said that the regulators will do their work in this matter. The Securities and Exchange Board of India (SEBI) has the means to ensure the stability of the markets. He said that SEBI is the authority to regulate the markets in the right place. He has the means to maintain this perfect position. Citing his Friday statement, the Finance Minister said that the RBI has already told that the bank sector is strong and stable.
Hindenburg Research accused Adani Group 10 days ago
About 10 days ago, American ‘short seller’ and financial research company Hindenburg had made several allegations against the Adani group on the front of company operations. Ahmedabad-based Adani Group has denied all the allegations and termed it as a planned attack on India. Due to fall in shares of Adani Enterprises, its FPO was canceled despite being fully subscribed.
Still stand by my comment: Finance Secretary
On this occasion, Finance Secretary TV Somanathan stood by his comment, in which he had described the Adani episode as a ‘storm in the teacup’. An unimportant issue is being unnecessarily worried. On the decision to convert the outstanding amount into equity in Vodafone Idea, Somnath said that this transaction is being done as part of the package offered to all telecom companies.
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