Indian regulators are very much experienced and expert: Sitharaman on SCs concern over Adani-Hindenburg row
Adani group companies have lost US $100 billion in market value since the US short-seller Hindenburg Research came out with a damning report alleging fraud at the conglomerate helmed by Gautam Adani.
Finance Minister Nirmala Sitharaman on Saturday expressed her faith in Indian regulators and their experience to handle any matter while speaking at the post-budget RBI Board meeting.
The finance minister’s reaction a day after the Supreme Court on Friday said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani stocks rout.
“India's regulators are very experienced, and they are experts in their domains. They are on their toes as always, not just now,” Sitharaman said on SC concern on Adani-Hindenburg row.
The apex court while hearing the pleas made in the matter of Adani-Hindenburg row, asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanisms.
Earlier on Friday, Sitharaman rejected Opposition charges of the Budget allocations for green and clean energy being made keeping the Adani Group in mind, saying it might be Congress culture to give benefits to 'jijas' and 'bhatijas' but not of the Modi government.
The government has provided Rs 35,000 crore for clean energy transition in Budget 2023. This is a space where the Adani Group has announced massive projects ranging from renewable energy capacity to green hydrogen production.
In the latest blow, Moody's Investor Service on Friday revised downwards the rating outlook on four Adani Group companies to 'negative' from 'stable' after a significant and rapid decline in market value following a report by US-based short-seller Hindenburg Research.
Adani group companies have lost US $100 billion in market value since the US short-seller Hindenburg Research came out with a damning report alleging fraud at the conglomerate helmed by Gautam Adani. Adani Group has denied all allegations and threatened to sue Hindenburg.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.
The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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