Indian banks, which have extended loans of about Rs 80,000 crore to Adani Group, rushed to allay investor concern over their exposure to the conglomerate 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”.
“We have been getting calls from investors over the weekend asking about exposure. We have compiled the data on our loan exposure and other investments and have shared the details with them,” said a large public sector bank official.
According to bank officials, international rating agencies have also asked for information from banks on their exposure to Adani Group.
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