‘Storm In Tea Cup’: Union Finance Secy Says Crises Like Adani Group Row ‘Come And Go’

FM Sitharaman while discussing the Adani Group row said that regulators independent of the government will do their jobs and that a pullout of FPO will not have any impact on the perception of India.

Adani Enterprises Founder Gautam Adani

New Delhi: Union Finance Secretary TV Somanathan Saturday termed the Adani Group row as “storm in the tea cup” and said that such fluctuations come and go, reported news agency ANI. "I had said that in terms of our macroeconomic numbers, the issue (Adani enterprises issue) is like a storm in a tea cup and I still stand by that statement," Somanathan said in response to a query during a press conference in Mumbai.

Union Finance Minister Nirmala Sitharaman, along with other officials of the ministry was interacting with the media after the conference. 

"Foreign reserves grew to USD 8 billion. FPOs (follow-on public offers) come and go," he said, adding "Fluctuations come and go."

On Saturday, Union Finance Minister Nirmala Sitharaman while discussing the Adani Group row said that regulators independent of the government will do their jobs and that a pullout of FPO will not have any impact on the perception of India.

"Regulators are independent of the government and they are left to themselves to do what is appropriate so the market is well regulated," the Finance Minister said while addressing a post-Budget 2023-24 conference in Mumbai on Saturday.

"This is not the first time that some FPO (follow-on public offering) is taken back. How many times has that affected the image of the country?" she added. 

The Adani Enterprises on Wednesday called off its Follow-on Public Offer with the Group chairman Gautam Adani stating on Thursday that it would not be "morally correct" to go ahead with the Rs 20,000-crore share in the current market condition.

The decision to call off the FPO came after a report by New York-based short seller Hindenburg on January 24 accused the group of brazen stock manipulation and accounting fraud among others.