Home / News / India /  Virender Sehwag bats for Gautam Adani, calls market fall ‘foreign conspiracy'

Adani Group’s sharp downfall since January 24 when Hindenburg Research published a report accusing the Gautam Adani conglomerate of stock manipulation. Now, former Indian cricketer Virender Sehwag has backed the business mogul in a veiled post while calling the sharp market fall a “foreign conspiracy".

“Goron se India ki tarakki bardaasht nahi hoti (The foreigner can’t tolerate India’s progress). The hitjob on India’s market looks like a well planned conspiracy. Koshish kitni bhi kar lein but as always, Bharat aur majboot hi nikalkar ubhrega (No matter how hard they try, India will emerge stronger as always", Sehwag tweeted.

A number of people did not agree with Sehwag on his veiled post about Adani.

Pahli baat Adani Bharat nhi hai, Bharat ko itna chhota mat banao aur doosri aur important baat koi bhi hmare beech thag hai uski turant enquiry kro aur agar usne thagi ki hai to jail me daalo, vo chahe tum ho ya Adani ya xyz (Firstly, Adani is not India. Do not belittle India so much. Secondly and more importantly, start an immediate enquiry for any fraudster who’s among us and imprison that person if found guilty, no matter who it is.)," wrote one user.

Also Read: Adani Group to tamp down capex roadmap

Some other people liked Viru's “batting" quite a lot. “Aa Gaya Viru Opening Batting Pe … First Ball out of the Park for a Six," the user wroter.

India's weighting in the emerging-market benchmark of Morgan Stanley Capital International (MSCI) has been negatively influenced by the rapid selloff, losing its second place to Taiwan following a rebound in that country's market. 

Also Read: Adani fiasco: Watchdog alertness is under watch

Taiwan's weighting in the MSCI Emerging Markets Index increased to 14.2% at the end of January, trailing only leader China's 31.2%, while India dropped to third place with 13%. India replaced Taiwan as the second-place country in August although the MSCI India Index has fallen 4.2% so far in 2023.

Meanwhile, Uday Kotak has stated that, despite recent sharp stock declines in Adani Group stocks, he does not perceive any systemic risk to the Indian financial system. However, the top banker thinks that, for debt and equity financing, significant Indian corporates rely more on outside sources.

Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and social media. Before working with digital news publications, he worked as a freelance content writer.
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