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Union finance minister Nirmala Sitharaman commented on the Adani group cancelling its ₹20,000 crore follow-on public offer (FPO).

Adani row: FM Nirmala Sitharaman's '8 billion' answer on possible impact on India's position in markets

Union finance minister Nirmala Sitharaman commented on the Adani group cancelling its ₹20,000 crore follow-on public offer (FPO).

Days after the Adani group decided to cancel its ₹20,000 crore follow-on public offer (FPO) due to its stocks taking a massive hit, Union finance minister Nirmala Sitharaman commented on whether it affected India's position in the global markets.
The minister said, "Foreign exchange reserves in the last 2 days have gone up by 8 billion. Our macroeconomic fundamentals or our economy's image - none of it has been affected."
"Yes, FPOs come in and FIIs get out. These fluctuations are there in every market," she added.
The minister concluded by saying, "The fact that we've had 8 billion come in in the last few days proves that the perception about India and its inherent strengths is intact."
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The decision came amid a storm caused by a report by US-based short seller Hindenburg Research accusing the Adani Group of fraud and share price manipulation.

Watch: Gautam Adani explains cancellation of ₹20,000 crore FPO amid Hindenburg fraud charge row

The decision came amid a storm caused by a report by US-based short seller Hindenburg Research accusing the Adani Group of fraud and share price manipulation.

A day after cancelling a ₹20,000 crore Follow-on Public Offer (FPO), Gautam Adani, the founder and chairman of the Adani Group, explained the reasoning behind the decision which came amid a storm caused by a report by US-based short seller Hindenburg Research accusing the Adani Group of fraud and share price manipulation. Adani has denied the allegations.
Gautam Adani on 2 February 2023 said, "After a fully-subscribed FPO, yesterday's decision of its withdrawal would have surprised many. But considering the volatility of the markets seen yesterday, our Board strongly felt that it would not have been morally correct to proceed with the FPO."
"The interest of my investor is paramount. This decision will not have any impact on our existing operations, as well as future plans," he said, while claiming that the fundamentals of the company are strong.
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