No control over FPI disclosures, narrative was 'twisted': Gautam Adani

Adani said a section of the media indulged in "reckless" reporting on administrative actions of regulators, which resulted in a sharp fall in share prices

Breaking his silence on the foreign portfolio investment (FPI) controversy, Gautam Adani, chairman of the Adani group, on Monday said the issue caused unexpected fluctuations in the group’s share prices, which affected small investors, even though the companies did not have any regulatory powers to control the FPIs’ investments or disclosures.

Addressing the annual general meeting, Adani drew attention to the group’s philosophy on investments. “We are inter-generational holders of equity. We focus on creating long-term sustainable value for our partners, our minority investors and ourselves,” Adani said.

Adani said a section of the media indulged in “reckless” reporting on administrative actions