Adani crash: FM says no dent in macro, economy’s image; Sebi steps in as well

The government Saturday again stepped in to calm the markets hit by the Adani sell-off stating that the macro-economic fundamentals and the country’s image have not been affected. And that the “independent” regulators will do their job on the crash in stocks of Adani group companies after US-based Hindenburg Research raised allegations of “brazen stock manipulation and fraud” against the group.

Union Finance Minister Nirmala Sitharaman said here that India’s foreign exchange reserves have gone up by $8 billion in the last two days. “So our macro-economic fundamentals or our economy’s image… none of which has been affected. FPOs come in and FIIs come and get out… these fluctuations are there in every market,” Sitharaman said, when asked about the impact of the Adani episode.