<p><em>By Sankalp Phartiyal, Rishaad Salamat and Haslinda Amin</em></p>.<p>India’s economy will withstand the stock rout caused by allegations against Adani Group, while any impact on the broader equity markets is set to be short-lived, Ashwini Vaishnaw, India's minister of railways said.</p>.<p>“India has a very broad spectrum of infrastructure companies,” Ashwini Vaishnaw, India’s minister for tech and railways, told <em>Bloomberg TV</em>’s Rishaad Salamat and Haslinda Amin on Thursday. “Whatever blip is there on the stock market is not going to affect the overall economy, I am very sure of that.”</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/opinion/in-hindenburgs-masterclass-adani-flunks-1187048.html" target="_blank">In Hindenburg's masterclass, Adani flunks</a></strong></p>.<p>Billionaire Gautam Adani’s mining-to-infrastructure conglomerate has lost Rs 7.52 lakh crore in market value since US-based short-seller Hindenburg Research published a report Jan. 24, accusing his group of corporate fraud. Adani’s group has denied the allegations, but its flagship company axed a record Rs 2.94 thousand croredomestic share sale on Wednesday. The turmoil has cost the tycoon his place among the world’s Top 10 richest people, according to the Bloomberg Billionaires Index.</p>.<p>Adani Group consists of half a dozen major companies with interests ranging from energy to transportation and infrastructure development. It is India’s largest port operator and manages some of the country’s biggest airports. </p>.<p>On Wednesday, a brief rally in Indian stocks caused by Prime Minister Narendra Modi’s budget boost fizzled as risks around Adani Group companies resurfaced to roil investor sentiment. Indian shares fluctuated on Thursday.</p>.<p>Vaishnaw declined to comment on how allegations against Adani were being assessed by the government. India has a robust regulatory system which would be doing that evaluation, he said.</p>.<p>Adani is widely seen as closer to Modi than any other Indian billionaire, with both hailing from Gujarat state. Adani’s corporate strategy has run in parallel with the nationalist politician’s efforts to develop India’s $3.2 trillion economy.</p>.<p>The exposure of Indian banks and insurance companies to the Adani Group is limited, India’s chief economic adviser told <em>Bloomberg TV </em>on Thursday.</p>.<p>Investors will look through the “short-term noise” in India, Venkatraman Anantha-Nageswaran said. “At this point we are watching the situation.”</p>.<p>($1 = Rs 81.80)</p>.<p>(<em>With assistance from Anup Roy)</em></p>
<p><em>By Sankalp Phartiyal, Rishaad Salamat and Haslinda Amin</em></p>.<p>India’s economy will withstand the stock rout caused by allegations against Adani Group, while any impact on the broader equity markets is set to be short-lived, Ashwini Vaishnaw, India's minister of railways said.</p>.<p>“India has a very broad spectrum of infrastructure companies,” Ashwini Vaishnaw, India’s minister for tech and railways, told <em>Bloomberg TV</em>’s Rishaad Salamat and Haslinda Amin on Thursday. “Whatever blip is there on the stock market is not going to affect the overall economy, I am very sure of that.”</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/opinion/in-hindenburgs-masterclass-adani-flunks-1187048.html" target="_blank">In Hindenburg's masterclass, Adani flunks</a></strong></p>.<p>Billionaire Gautam Adani’s mining-to-infrastructure conglomerate has lost Rs 7.52 lakh crore in market value since US-based short-seller Hindenburg Research published a report Jan. 24, accusing his group of corporate fraud. Adani’s group has denied the allegations, but its flagship company axed a record Rs 2.94 thousand croredomestic share sale on Wednesday. The turmoil has cost the tycoon his place among the world’s Top 10 richest people, according to the Bloomberg Billionaires Index.</p>.<p>Adani Group consists of half a dozen major companies with interests ranging from energy to transportation and infrastructure development. It is India’s largest port operator and manages some of the country’s biggest airports. </p>.<p>On Wednesday, a brief rally in Indian stocks caused by Prime Minister Narendra Modi’s budget boost fizzled as risks around Adani Group companies resurfaced to roil investor sentiment. Indian shares fluctuated on Thursday.</p>.<p>Vaishnaw declined to comment on how allegations against Adani were being assessed by the government. India has a robust regulatory system which would be doing that evaluation, he said.</p>.<p>Adani is widely seen as closer to Modi than any other Indian billionaire, with both hailing from Gujarat state. Adani’s corporate strategy has run in parallel with the nationalist politician’s efforts to develop India’s $3.2 trillion economy.</p>.<p>The exposure of Indian banks and insurance companies to the Adani Group is limited, India’s chief economic adviser told <em>Bloomberg TV </em>on Thursday.</p>.<p>Investors will look through the “short-term noise” in India, Venkatraman Anantha-Nageswaran said. “At this point we are watching the situation.”</p>.<p>($1 = Rs 81.80)</p>.<p>(<em>With assistance from Anup Roy)</em></p>