India’s economic image is not affected due to Adani Group’s recent decision to pull out Rs 20,000 crore follow-on public offers [FPO] amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday. The finance minister said there has been an accretion of $ 8 billion to the forex reserves in the last two days alone.

“...our macroeconomic fundamentals or our economy’s image, none has been affected. Yes, FPOs come in, and FIIs [foreign institutional investors] get out,” Sitharaman told reporters, adding that there are “fluctuations” in every market but the accretion over the last few days establishes the fact that the perception of both India and its inherent strengths is intact.