Adani crisis: Regulators know to handle it, says Piyush Goyal

Union Commerce and Industries Minister Piyush Goyal on Saturday said India’s regulators are “very competent” to handle the Adani Group’s corporate crisis and would take appropriate action on allegations of fraud.

“Our regulators are very competent and our financial markets are amongst the most respected and well-regulated markets in the world,” Goyal told a news conference here.

Adani Group has lost more than $100 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud.

“As regards the loss...it’s the share market valuation loss and not the loss of any individual or people’s wealth. Investment in shares and stocks go up and down. That’s part of the investment market rule. Nowhere have people of India lost that kind of sum (US $100 billion),” Goyal insisted.

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“The two principal organisations - LIC and SBI - have both come out with details already,” he said.

Asked about the Opposition’s criticism that SEBI was not taking any action, Goyal said: “Well, that’s the Opposition’s allegation.” He said only the SEBI could talk about what information they are gathering. “The SEBI being an autonomous regulator takes decisions independently,” he maintained.

Goyal said it was “unfortunate” that the Opposition was stalling Parliament.