Adani row: Indian regulators very competent to handle the situation, says Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal on Saturday said regulators are very competent to handle the situation and will take appropriate action, regarding the allegations of fraud against billionaire Gautam Adani's companies that triggered an unprecedented stock crash.

He also termed the opposition stalling the Parliament's proceedings on the issue as "unfortunate".

"The regulators in India are very competent and our financial markets are amongst the most respected and well regulated markets in the world. As regards the loss, that's the share market's valuation loss, not the loss of any individual or people's wealth," Goyal told reporters here.

Responding to the opposition's criticism that the government is shying away from discussion on the Adani issue, and about USD 100 billion loss, he said, investments in shares and stocks go up and down, that's a part of the investment, but nowhere have the people of India lost those levels of sums that are mentioned (USD 100 billion).

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The financial institutions have already clarified that their money is absolutely secured and safe, the Minister said, adding the two principal organisations LIC and State Bank, have both come out with details.

"I think it is a matter of a private company, a report which has been brought out by a foreign agency, based on which some of the allegations have been made, whatever regulators need to do, they will take appropriate action on that," he said.