From more than Rs 19 lakh crore on January 24, before the Hindenburg report exploded in the public domain, Adani's market cap has crashed below Rs 7 lakh crore. In the past month, Gautam Adani dropped out of the top 30 on the rich list, and Indian indices had briefly slipped out of top five markets. But veteran banker KV Kamath, who has also served as Infosys chairman, feels that one group won't affect the entire Indian economy.
In an interaction with CNBC-TV18, Kamath said that the history of a country doesn't depend on a single firm, while adding that there is no crisis of confidence in India. He also expressed trust in steps being taken by the government and the Reserve Bank of India for regulating economic growth. Without naming Adani, Kamath echoed the belief of the government, that problems of a company aren't an attack on India itself.
Speaking about inflation, Kamath warned against a scenario where rising interest rates could push economic growth out of gear, since it is finetuned now. He also maintained that the demand for ports and railway networks will keep economic growth momentum intact. Kamath called for focusing on the details while looking at the retail inflation data.
Kamath has previously led ICICI Bank as chairman, and played the same role at Infosys, before serving as chief of the New Development Bank of BRICS Countries.
