JAKARTA: Indonesian President Joko Widodo urged on Monday his country’s financial regulator to strengthen supervision on capital markets in the wake of the crisis at India’s Adani Group.

Speaking in an annual financial services authority meeting, Widodo pointed to the depreciation of the rupee and capital outflows from India after the meltdown in stock market values of Adani Group companies.

In order to prevent these things happening in Indonesia, Jokowi, as he is widely known, warned about the negative impact of stock manipulation.

India’s Adani shares see extended sell-off as credit warnings kick in

“When it slips in pump and dump, things happening just like in India, please be careful,” he added.

Shares in Adani Group firms have been hit with a major sell off

since U.S-based short-seller Hindenburg Research made allegations of stock manipulation and unsustainable debt.