Indian government didn't intervene in Adani-Hindenburg case, says economic advisor to PM

As the Adani stock market rout triggered by Hindenburg's report became too big to ignore for the authorities, Securities and Exchange Board of India stepped in to probe its follow on public offer. This was followed by the Supreme Court directing SEBI to probe the fiasco and constituting a panel to examine the Hindenburg report's claims.

No intervention, just transparency

As the government reiterated confidence in agencies and is criticised by the opposition over the case, an economic advisor to the Prime Minister Modi said that the regime hasn't interefered in the crisis.

Speaking in New York, Sanjeev Sanyal added that no one has to rescue any firm in the Indian system and repeated the official line that LIC and SBI's exposure to Adani is very small.

He further went on to say that the government's job is only to maintain transparency in markets without intervening.

Dismissed SVB impact

The assertions by Sanyal come as Adani is still far from recovering to January 2023 levels, even after a Rs 15,000 crore investment from a US-based fund.

He also spoke about the Silicon Valley Bank collapse, which is expected to have an impact on Indian startups and banks.

Sanyal dismissed any first-order impact of the crisis on startups in India.