‘Never, ever bet against India’: Anand Mahindra leads India Inc against Adani attack
By Our Special Correspondent
New Delhi, February 4: A day after Adani Enterprises recover over 60 per cent from the day’s low, vocal India Inc voice Anand Mahindra warned global short-sellers not to dare bet against India. India Inc has been maintaining a silence over the relentless attack on the Adani Group of companies after the release of the report by the short-seller Hindenburg report.
“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, wars, (and) terror attacks. All I say is: never, ever bet against India,” tweeted Mahindra in a veiled reference to the bear attack on the Adani Group of Companies.
Mahindra’s remarks came amid the State Bank of India and the Life Insurance Corporation in their detailed notes making clear that their exposure to the beleaguered conglomerate is within the permissible limits and also in adherence to the prudent lending norms. But he bear attacks on the Adani scrips have so far washed away over $100 billion of the valuation, which also led to the withdrawal of the Rs 20,000 crore FPO.
“The future of Asia is dependent on India. Well present developments by one company serves as eye-opener, but that doesn’t determine the outcome of powerful companies which have been tested by generations, trusted by times. India continues to mature into an ever ever land,” tweeted Edmond Fernandes, a US-based strategist.
Incidentally, some of the experts are drawing parallel with a number of capital market scams such as Harshad Mehta, Ketan Parikh and others. But in the ongoing stock market meltdown Adani stocks have been specifically targeted by the US-based bears. It may be recalled that the Adani Group of Companies had also come under bear attacks following tweets by a Mumbai-based financial journalist.
Adani Enterprises, which had slumped to Rs 1017 during the day on Friday, had recovered to come close to Rs 1600. Adani Port and SEZ, which is known to have the most robust fundamental company of the conglomerate, had recovered all losses to gain a net of over eight per cent. However, the likes of Adani gas, Adani Green, Adani Power and others continue to languish at the lower circuits on the bourses.