Sunil Jain, a member of the National Council of the Indo-American Chamber of Commerce (IACC), has raised concerns about the recent report released by Hindenburg. Speaking to NDTV, Jain criticized Hindenburg, stating that the company has failed to provide solid proof for the allegations it has made. He highlighted that there are many geopolitical projects at play today. For instance, the Adani Group was awarded the Haifa Port project, and Prime Minister Modi announced the India-Middle East-Europe-Economic Corridor (IMEC), which directly competes with China’s Belt and Road Initiative (BRI).
Jain raised the possibility of other connections behind Hindenburg’s actions, questioning if there might be a hidden link with China. He emphasized that China can go to any lengths to bring down a company, raising suspicions about Hindenburg’s motives. Although Jain admitted he has no direct evidence, he suggested that if foreign media is questioning this, the Indian government should investigate. He also pointed out that Hindenburg has challenged India’s regulatory authorities, urging the government to look into whether there are foreign or even Indian forces behind this.
No Impact on Foreign Investment in India
Jain expressed confidence that American investors understand the situation and believe it won’t negatively affect foreign investment in India.
Domestic Markets Remain Stable
Despite initial declines, the domestic stock markets rebounded on Monday. The BSE Sensex index, which includes 30 major companies, rose by 400.27 points to reach 80,106.18, while the NSE Nifty climbed by 105.3 points to 24,472.80. Earlier, the Sensex had dropped by 479.78 points to 79,226.13, and the Nifty had fallen by 155.4 points to 24,212.10. Stocks of companies like JSW Steel, Infosys, HDFC Bank, Axis Bank, Kotak Mahindra Bank, and Tata Motors were among those that performed well.
