Adani row: FM Nirmala Sitharaman's '8 billion' answer on possible impact on India's position in markets

Days after the Adani group decided to cancel its ₹20,000 crore follow-on public offer (FPO) due to its stocks taking a massive hit, Union finance minister Nirmala Sitharaman commented on whether it affected India's position in the global markets.

The minister said, "Foreign exchange reserves in the last 2 days have gone up by 8 billion. Our macroeconomic fundamentals or our economy's image - none of it has been affected."

"Yes, FPOs come in and FIIs get out. These fluctuations are there in every market," she added.

The minister concluded by saying, "The fact that we've had 8 billion come in in the last few days proves that the perception about India and its inherent strengths is intact."

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