Anand Mahindra Warns Global Media ‘Not To Bet Against India’
Anand Mahindra gave the statement in support of the Adani Group and warned the global media not to bet against India, amid Adani-Hindenburg conflict.
Anand Mahindra, the chairman of the Mahindra Group, is quite active on social media and frequently publishes posts about exceptional subjects, inspiring success stories.
This time, he has come out in favor of the Adani Group, which is at the center of the current Hindenburg issue.
Anand Mahindra favored his indirect support to the Adani group,
“Global media is speculating whether current challenges in the business sector will trip India’s ambitions to be a global economic force.
I’ve lived long enough to see us face earthquakes, droughts, recessions, wars, terror attacks. All I will say is: never, ever bet against India.”
In a study on January 24, US short-seller Hindenburg Research accused the Adani Group of exploiting offshore tax havens improperly and raised concerns about the company’s enormous debt, which caused the Group stocks to plummet.
The group has short positions in businesses owned by the Adani group. The Group has engaged in a “brazen stock manipulation and accounting fraud operation over the course of decades,” according to Hindenburg Research.
The seven publicly traded companies in the Adani group, according to Hindenburg Research, have an 85% downside on a fundamental basis because of their exorbitant prices.
The market capitalization of Adani Group firms was reduced by about $1 lakh crore as a result of a big stock market correction shortly after the report was released.
The Adani Group companies lost money the following day when trading resumed, increasing the two-day market capitalization decline to 4 lakh crore.
Ten Adani Group enterprises, including the flagship Adani Enterprises, lost about $110 billion in total.
From a macroeconomic standpoint, Finance Secretary TV Somanathan referred to the decline in Adani Group’s stock as a “storm in a teacup.”