Exposure to Adani group well below limit, says State Bank of India

Lender says all exposures secured by cash generating assets, and debt service will not be a challenge

Abhijit LeleSubrata Panda Mumbai

Indian banks have an exposure of around Rs 80,000 crore to the Adani Group, which is 38 per cent of the group’s total debt

The country’s largest lender, State Bank of India, said on Friday that its exposure to the Adani Group was well below the Reserve Bank of India’s (RBI’s) Large Exposure Framework and was secured by cash generating assets.
The statement comes as the Adani Group lost Rs 4.18 trillion in market capitalisation in the last two trading sessions after a report by US-based investment research firm Hindenburg Research alleged that the group was engaged in “a brazen stock manipulation and accounting fraud scheme”. Hindenburg Research alleged that there was 85 per cent downside in group stocks “purely on fundamental valuations”.
The conglomerate had called the report “maliciously mischievous, unresearched”. It has said that it is “evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research”.

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Adani Enterp.

  • 1D
  • 5D
  • 1M
  • 3M
  • 6M
  • 5Y
  • MAX

First Published: Jan 27 2023 | 7:45 PM IST

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