SEBI competent to take appropriate action: Piyush Goyal on Adani stock crash

Bengaluru, Feb 4 (FN Agency) Union Commerce Minister Piyush Goyal on Saturday said regulators are very competent to take appropriate action with regards to stock prices of Adani companies crashing down and clarified that the people of India have not lost those levels of sums that has been mentioned (USD 100 billion). Moreover, the banks and LIC have already clarified that people’s money is safe and secure, he said.

“I think it is a matter of a private company, a report which has been brought out by a foreign agency, based on which some of the allegations have been made, whatever regulators need to do, they will take appropriate action on that,” he told reporters here. Goyal also stated that the banks and insurance companies are constantly monitoring the situation. Adani Group has lost more than USD 100 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in the January 24 report. The group has rubbished allegations and threatened sueing Hindenburg. On the opposition’s criticism that the SEBI is not taking any action, Goyal said that is a typical opposition’s allegations and only SEBI can respond to it. SEBI is an autonomous regulator and takes decisions independently, he added. On opposition stalling the Parliament proceedings on the issue, Goyal said it is very unfortunate. “We were to have a debate to discuss the performance of the government, articulated in the President’s address, and it was an opportunity for the opposition also to place their view points and let the country know what their view is about our performance, instead of that they are stalling Parliament,” he said.

He also requested the opposition to allow the discussion on the motion of thanks to the President’s address and the budget. To an UNI query that Adani issue has become an instrument to attack PM Narendra Modi and his government, the Minister said, “I would not like to venture a comment of that nature. I think the people of India are smart and they will make their own judgement.”