Kotak, Mahindra bat for Indian economy

MUMBAI: Industry leaders Uday Kotak and Anand Mahindra have reacted to global commentary on the impact of the crash in Adani Group shares on the Indian economy by highlighting its resilience.
Veteran banker Kotak acknowledged that large Indian corporates rely more on global sources for debt andequity finances, which create challenges and vulnerability. But he said that he did not see any systemic risk to the Indian financial system from recent events. “Time to further strengthen Indian underwriting and capacity building,” Kotak said in a tweet.
Industrialist Anand Mahindra in a tweet on Saturday referred to global media speculation on whether current challenges in the businesssector will trip India’s ambitions to be a global economic force. “I’ve lived long enough to see us face earthquakes, droughts, recessions, wars,terror attacks. All I will say is: Never, ever bet against India. ”
Adani Group companies lost nearly $100 billion in value following the crash instock prices after the release of the Hindenburg Research report, which alleged irregularities in the group. Adani Enterprises also cancelled its Rs 20,000-crore follow-on public issue and return money to international investors.
There has been speculation that the rout would have a wider impact on Indian financial market, which has been refuted by government officials and regulators.