Former director of Infosys TV Mohandas Pai on Tuesday engaged in a war of words on Twitter over the Adani crisis with former Congress leader Sanjay Jha who questioned PM Modi’s silence over the issue. Calling Adani’s fall from the 2nd richest person of the world to the 38th position in less than a few weeks, Sanjay Jha said, “It is unprecedented. The markets have spoken. When will the Prime Minister?” Read | Adani Group to repay $790m in loans by end-March: Report
“The market gives, the market takes away! The market works, so why should anybody else speak?” Mohandas Pai, chairman of Manipal Global Education, replied. Read | ‘Said it had…’: Mahua Moitra on reports Adani to raise $400m from Aus assets
“Either you are frightened as hell or your morals are elastic. Whatever,” Sanjay Jha said.
The acrimonious exchange went on as Mohandas Pai wrote, “Sanjay, work with data and facts. Pl tell us where Adani has been favoured by govt. the stock price issues are being investigated by Sebi! Put your brains to work unless you have mortgaged it to the durbar.”
“So you think that when Adani’s market cap propelled his net worth to world’s wealthiest no 2, that was normal? Where was PM, FM, SEBI, RBI, DRI etc? My brains remain unencumbered, but you have sold your conscience, Pai Saab! And that I am sure you know it too,” the ex-Congressman replied.
“Nobody’s conscience is sold, this is the market, this has happened many times, will happen again,” Pai replied. He added that the rise of Adani market cap and the wealth was abnormal and the fall was waiting to happen. “The rise was abnormal, the fall was waiting to happen and H was the trigger, following the abnormal rise. Sebi is investigating this! Nobody’s conscience is sold, this is the market, this has happened many times, will happen again. Sebi is investigating, wait for their report,” Pai said.
Adani Group accused of stock manipulation in the Hindenburg report is being probed by the market regulators while the opposition parties are raising questions over the government’s role.