'Purely Agenda-Driven', 'Inappropriate': Mohandas Pai, Others Slam Conspiracy Targeting Adani Group

TV Mohandas Pai, Chairman of Aarin Capital, accused The Financial Times of bias toward the West and spreading unverified information. He also condemned their approach toward the Adani Group as "inappropriate."

"The whole Adani issue is a conspiracy driven by George Soros. Because George Soros had said this statement in Davos that, 'Modi will have to speak about Adani issue in the Parliament'. So, technically, it was an attack on (the Central government) Modi and Adani is just an instrument," Pai said.

It is clear that certain individuals are influencing others to disrupt the Indian Parliament, in opposition to the Modi government, as seen by their stance, he said. "No one knows how much money Soros paid to people in India. However, Soros' public statement indicates a potential conspiracy."

Pai cautioned that this implies there are politicians who have economic incentives to bring up such matters, and that is something to be careful about.

Mahesh Jethmalani, senior advocate and MP-Rajya Sabha, termed the matter as "purely agenda-driven". "In my view, this Hindenberg backed by OORCP are ones that should be investigated. The SC, after examining the Committee report, said that the entire report was formed by selective information and there was no need for any further investigation."

Ajay Srivastava, managing director of Dimensions Consulting, explained that investing in the company is similar to investing in a private equity fund with diverse sectors. The Group has successfully incubated four large companies in gas, green energy and ports, and is now expanding into new sectors in the economy.

"Following the Supreme Court ruling, Indian investors now understand that there is no need to worry. A dedicated investor believes that despite the recent attacks, the primary focus remains on fundamentals," he said.

Srivastava highlighted that every major corporation experiences similar challenges, and cited the examples of Microsoft, Meta, and Reliance Industries Ltd. These incidents are not new and investors are familiar with such occurrences, he said.

"For investors, these are expensive stocks, and they will see ups and downs, but the bottom line remains that this is the most effective way to go into new sectors of the economy...," he said.

Sanjay Asher, senior partner at Crawford Bayley, said that despite the FT report, investors are opting to 'Buy' rather than 'Sell' the stock, resulting in an increase in prices.

Prices have continued to rise, leading to a growth in market capitalisation of all Adani stocks, he said. "The investors and market players do their due diligence."

"In my opinion, any...future setbacks will not impact the market. Additionally, retail investors are unlikely to suffer financial losses due to these setbacks, " he said.

Asher expressed confidence that all the infrastructure projects announced by the Adani Group will be successfully completed without disruptions.

Srivastava said that the challenge for the group is to compete with other prominent heavyweight companies in various industries and to retain the valuation of the company.

"Now, the operations and performance will challenge the company more than the extracurricular issues that are challenging the group this time," he said.

Shares of Adani Enterprises rose as much as 1.96% during the day to Rs 3,453.7 apiece on the NSE on Friday. The scrip has almost tripled since its lowest level in late February last year.