Concerns raised by Hindenburg Research report are largely irrelevant, according to Manish Chokhani, director at Enam Holdings Pvt. Hindenburg is just a small brokerage trying to short sell and is not really relevant, he said.
In the last 18 months, there has been a significant shift in how Indian markets are responding to global pressures, he said. Traditionally, if global markets experienced a 5% correction, Indian markets would often see a 10% decline. However, recent events indicate a departure from this pattern, with India demonstrating considerable resilience, Chokhani said.
India's progress from being ranked 50th to fourth globally is a testament to its increasing self-assurance, according to him.
He criticised the previous tendency to be overly influenced by negative foreign commentary. In the past, any negative write-up from foreigners, whether it was an economist or the New York Times, would cause undue panic, he said. Now, it's different. “We are now a country that is comfortable with itself and confident in our growth trajectory."
Chokhani also praised India's regulatory framework, noting that the country's regulators are highly respected and have performed admirably. He advised against placing too much importance on negative media reports or articles from small entities. “The country is on its own path of growth, whether some people like it or not," he said.
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