Industrialist Anand Mahindra, known for actively tagging along with social media trends, has shared his opinion on the media debate surrounding the current condition in the business sector and India's objective to become a global economic force. This comes amid the ongoing row over the Hindenburg report on multi-millionaire Gautam Adani and his conglomerate Adani Group, which is currently reeling under its plummeting market value for last few days. In a tweet, the Mahindra Group chairman warned the global media to “never bet against India”.
“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,” he said in the tweet.
Explainer| Adani vs Hindenburg- All you need to know about the story so far
Adani Group's market capitalisation tanked by around ₹1 lakh crore followed by a significant stock market correction soon after the US short seller Hindenburg Research released a report on January 24 on the Group's malpractices in offshore tax and high debt. It said the Group has engaged in a “brazen stock manipulation and accounting fraud scheme over the course of decades.” Group's all 10 stocks fell in early trading on Friday, erasing the conglomerate's around $120 billion.
{{/usCountry}}Adani Group's market capitalisation tanked by around ₹1 lakh crore followed by a significant stock market correction soon after the US short seller Hindenburg Research released a report on January 24 on the Group's malpractices in offshore tax and high debt. It said the Group has engaged in a “brazen stock manipulation and accounting fraud scheme over the course of decades.” Group's all 10 stocks fell in early trading on Friday, erasing the conglomerate's around $120 billion.
{{/usCountry}}The ongoing rout in Adani shares pushed India out of world's top five biggest equity market list as the country's market capitalisation tanked below $3.2 trillion. According to Bloomberg, the slide is expected to continue and India may slip further down the list.
Read| 'IndiaStandsWithAdani' trends amid billionaire's Hindenburg battle
Similarly, the International Monetary Fund (IMF) predicted a dip in the Indian economy from 6.8% in 2022 to 6.1% in 2023. However, the international body also predicted a 0.7% growth again in the financial year 2024.