The crisis engulfing the Adani Group intensified on Monday (Feb 6) as dozens of members from India's ma
Adani has lost his crown as Asia's richest person and slipped down the global rankings of the wealthy.
But Adani has denied allegations by Modi's opponents that he had benefited from their close ties, and Modi's government has also denied those allegations.The stock market rout triggered a series of credit ratings warnings last Friday with Moody's saying the Adani Group may struggle to raise capital, and fellow credit rating firm S&P cutting its outlook on two of its companies.
The Reserve Bank of India said last Friday the country's banking system remains resilient and stable. India's market regulator added on Saturday the country's financial markets remain stable and continue to function in a transparent and efficient manner. India's divestment secretary Tuhin Kanta Pandey told Reuters last Friday that LIC shareholders and customers should not be concerned about its exposure to the Adani Group.
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Adani’s crisis points to the big risk in India’s net zero planAdani group is a dominant player in India’s clean energy industries and concerns about its finances could hurt foreign investment flows into the nation's green energy sector. Read more at straitstimes.com.
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