Adani vs Hindenburg: Finance Minister Nirmala Sitharaman says government maintains distance from companies

When Hindenburg Research shared its report with a headline directly calling Gautam Adani a conman, the port to airport conglomerate wasn't prepared for the disaster that followed. Within months, Adani had lost $140 billion of its net worth, and was using everything from nationalism to early repayment of loans, for reassuring investors.

After almost three months and several attacks by the opposition over the fiasco, India's Finance Minister has once again refrained from commenting on the matter.

Government distances itself

• As she refused to speak on a subjudice matter, the minister Nirmala Sitharaman went on to add that the Indian government distances itself from companies.

• She was responding to a question on the Hindenburg report in Washington, where she is attending the IMF's Spring Meeting.

• She maintained that a panel appointed by the Supreme Court is probing the allegations made by the Hindenburg report.

What's the probe's progressing?

• The Finance Minister has earlier expressed confidence in the capability of regulators including the Securities and Exchange Board of India, which are also looking into the matter.

• But a right-to-information query last week revealed that SEBI doesn't have any information on those who invested in Adani's Rs 20,000 crore FPO, which was abruptly canceled.