“India has a very broad spectrum of infrastructure companies,” Ashwini Vaishnaw, the minister for tech and railways, told Bloomberg TV on Thursday. “Whatever blip is there on the stock market is not going to affect the overall economy, I am very sure of that.”
February 02, 2023 / 12:08 PM IST
Union IT Minister Ashwini Vaishnaw (File Image: ANI)
India’s economy will withstand the selloff caused by allegations against Adani Group, while any impact on the broader equity markets is set to be short-lived, a top minister said.
“India has a very broad spectrum of infrastructure companies,” Ashwini Vaishnaw, the minister for tech and railways, told Bloomberg TV on Thursday. “Whatever blip is there on the stock market is not going to affect the overall economy, I am very sure of that.”
Billionaire Gautam Adani’s mining-to-infrastructure conglomerate has lost $ 92 billion in market value since US-based short-seller Hindenburg Research published a report Jan. 24. Adani’s group has denied the allegations, but its flagship company axed a record $ 2.5 billion domestic share sale on Wednesday.
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.
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