PineBridge Investments called Recent allegations against billionaire Gautam Adani‘s conglomerate would not derail a Growth and manufacturing boom in India.

What happened: Michael Kellywhich oversees Pinebridge’s $17.8 billion global multi-asset portfolios the recent stock flight in the Indian markets to buy shares for its multi-asset portfolios.

Kelly said so Stock meltdown afterwards Hindenburg researchThe Jan. 24 report provided an entry point into a historically expensive market. “We’re not exactly done yet,” Kelly told Bloomberg, adding that its funds haven’t been in the Indian market recently Router in Adani securities.

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“If you put yourself in the spotlight, you’re going to find things,” Kelly said. “You can never say there is only one cockroach. In the US there was Worldcom and then another cockroach called Enron.”

“However, if you shine a light on India, you will also see a lot of good companies.”

Kelly also doesn’t rule out the risk of further shocks to Indian markets as corporate governance scrutiny increases.

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