NEW DELHI — Indian Finance Minister Nirmala Sitharaman on Saturday denied that the country’s position in the global finance market was affected in the wake of Adani Enterprises’ Follow on Public Offer (FPO) pull-out and the subsequent prevailing financial condition of the private conglomerate.

The FPO pull-out was followed by a steep decline in Adani Enterprises’ shares value, and a report by U.S.-based “Hindenburg Research”.

The Adani Enterprises, owned by Gautam Adani, has lost over 118 billion U.S. dollars over the past few days, ever since the report by “Hindenburg Research” rocked the Indian economy, alleging “improper use” by the company of offshore tax havens, while flagging concerns about high debt and the valuations of its seven listed companies.

Till a few days ago Gautam Adani was the second richest person in the world, but ever since the controversies rocked his company he fell out of the list of top 20 richest persons.

Commenting on the row surrounding Adani Enterprises, the finance minister cited the country’s growing foreign reserves to support her argument.

“Don’t think so. Foreign Exchange Reserve in the last two days has gone up by 8 billion U.S. dollars. Our macroeconomic fundamentals or economy’s image haven’t been affected,” she told media(Xinhua)