Markets ‘well regulated’ after Adani storm: India

Indian Finance Minister Nirmala Sitharaman said Friday her country’s markets were “well regulated” and she did not expect the controversy around tycoon Gautam Adani’s business empire to affect investor confidence.

The combined market cap of Adani Group’s listed units has collapsed by more than $120 billion -- about half of the group’s value -- since US short-seller Hindenburg Research released an explosive report last week.

It accused Adani of accounting fraud and artificially boosting its share prices, calling it a “brazen stock manipulation and accounting fraud scheme” and “the largest con in corporate history”.

India remained “an absolutely well governed” country and a “very well regulated financial market”, Sitharaman told broadcaster News18.