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

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

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

FPJ Web DeskUpdated: Saturday, March 25, 2023, 08:13 PM IST
article-image

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.

RECENT STORIES

Maharashtra Registers 1,15,125 New Vehicles During 10-Day Navratri & Dussehra Period, Marking 7.37%...

Maharashtra Registers 1,15,125 New Vehicles During 10-Day Navratri & Dussehra Period, Marking 7.37%...

Violation Of Online Money Gaming Rules Now A Non-Bailable Offence: PROG Act 2025

Violation Of Online Money Gaming Rules Now A Non-Bailable Offence:  PROG Act 2025

Two Edelweiss Entities Settle Alternative Investment Fund Rules Violation Case With SEBI After...

Two Edelweiss Entities Settle Alternative Investment Fund Rules Violation Case With SEBI After...

Utkarsh Small Finance Bank Files Papers For ₹950 Crore Rights Issue To Fund Business Growth

Utkarsh Small Finance Bank Files Papers For ₹950 Crore Rights Issue To Fund Business Growth

Punjab Registers 22.35% Rise In GST Collections To ₹13,971 Crore: Finance Minister Harpal Singh...

Punjab Registers 22.35% Rise In GST Collections To ₹13,971 Crore: Finance Minister Harpal Singh...