\n<\/p>\n
\n\t
\n\tThe administration of India Prime Minister Narendra Modi hasn\u2019t intervened in the Adani Group\u2019s tussle with a US short seller that caused a rout in the company\u2019s shares, said Sanjeev Sanyal, an economic adviser to the premier.\u00a0
\n\t\u00a0 <\/p>\n
\n\tThe \u201cgovernment has not intervened anywhere,\u201d Sanyal, a member of prime minister\u2019s economic advisory council, said in an interview in New York. \u201cNobody\u2019s having to rescue anyone in our system.\u201d<\/p>\n<\/p><\/div>\n
\n\tExposures to Adani group companies from the State Bank of India, the country\u2019s largest financier and the Life Insurance Corp., the country\u2019s biggest life insurer, are very small, said Sanyal, adding that no company is under any financial stress.\u00a0<\/p>\n<\/p><\/div>\n
\n\tShares in Adani group comapanies slumped following Hindenburg Research\u2019s Jan. 24 report alleging fraud and market manipulation. The group, controlled by one of Asia\u2019s richest businessmen, Gautam Adani, has denied the allegations. The selloff wiped more than $100 billion off the Indian conglomerate\u2019s market value.<\/p>\n<\/p><\/div>\n
\n\tLife Insurance Corp. has a debt exposure of 61.8 billion rupees ($755 million) to Adani Group companies, while State Bank of India, the nation\u2019s top lender by assets, has an exposure of about 270 billion rupees, according to earlier statements.\u00a0<\/p>\n<\/p><\/div>\n
\n\t\u201cOur job is to make sure the markets are transparent and liquid and function \u2014 not for us to intervene,\u201d said Sanyal. \u201cTransparency and orderly market movement is the only thing we care about. If that is maintained, the prices will sometimes go up, sometimes they\u2019ll come down.\u201d<\/p>\n<\/p><\/div>\n