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Anand Mahindra Speaks On Adani Group Crisis In His Latest Tweet
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Indian businessman Gautam Adani and his vast conglomerate appeared invincible only two weeks ago. However, since Hindenburg Research accused the Adani Group of stock manipulation and accounting fraud in a study published on January 24, the market value of the company has fallen by US$108 billion.
However, it wasn’t until last week’s cancellation of a US$2.4 billion share sale by the billionaire that the potential for long-term effects became apparent. Investors have not been reassured by Adani’s response to the study. He was formerly rated No. 2 among the world’s richest people, but his position on the Bloomberg Billionaires Index has dropped to No. 21.
A damaging short-seller attack has left a billionaire facing the biggest crisis of his business life and is generating more serious concerns about India’s reputation as a destination for foreign investors and a global economic engine.
But if you ask Anand Mahindra if the present economic difficulties will have an impact on India’s goal of becoming a world superpower, he would definitely say no.
Anand Mahindra made reference to the crisis surrounding the Adani Group in a tweet
Adding that India had weathered crises in the past and come out stronger each time.
Anand Mahindra advised anyone concerned about the wider repercussions of the accounting fraud accusations made against the Adani Group by US short-selling company Hindenburg Research not to gamble against India.
Taking to Twitter, he wrote,
“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”
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
— anand mahindra (@anandmahindra) February 4, 2023
His tweet immediately went viral, and many people reacted to it. While many said that they agreed with the Mahindra Group chairman, others said that he is taking the situation very lightly.
Have a look at some of the responses
The future of Asia is dependent on India. Well present developments by one company serves as an eye-opener, but that does not determine the outcome of powerful companies which have been tested by generations, trusted by times. India continues to mature into an ever ever land.
— Dr Edmond Fernandes (@Edmondfernandes) February 4, 2023
D world under estimates India’s ability to survive against all odds. Successful Covid mgnt is a stellar example of how a developing country beat her ‘developed’ counterparts. And India survived almost a century of British rule.
D Adani hit job is just water off a duck’s back.— Moral Victory (@lakshmianand96) February 4, 2023
This is what real Indians do – be India’s strength and advocates. Not make merry on its downfall or eagerly wait for one.
— Alpaca Girl (@AlpaKanya) February 4, 2023
Unfortunately some Indians themselves are betting against India in their narrow political goals like @MahuaMoitra and some other opposition forces. They will fall flat @sanchit_gs @SandipGhose #Adani @KabulSingh1987 @alok_bhatt #NarendraModi
— Rajiv Wadehra (@WadehraRajiv) February 4, 2023
What do you think about Anand Mahindra’s comments?
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