Union Finance Minister Nirmala Sitharaman stated here on Saturday that the cancellation of Adani group follow-on public offer (FPO)will have no effect on the economy.
Responding to queries on the crash of Adani Group shares, the finance minister said, “Regulators will do their job, and they are independent of the government. It is up to them to do what is necessary. Sebi’s role is to keep the market regulated and in good working order, which it has done.”
Sitharaman said RBI has already issued its statement on the Adani issue, and public sector banks and LIC had issued statements on their exposure to the group.
The share price of Adani group companies had culminated in the group’s flagship company Adani Enterprises FPO canceled.
On Friday, the FM said in an interview that no matter how much the issue is discussed globally, it is not an indication of how well the financial markets are governed.
Addressing the media on Saturday, Sitharaman said the FPO cancellation would have no impact on the economy’s fundamentals. “How did our foreign exchange reverses grow by $8 billion? Our macroeconomic fundamentals or our economy’s image has not affected,” she said.
