SBI said on saturday that they are not at all worried about lending to Adani Group.
Mumbai: There is turmoil in the Indian domestic stock market around the report of New York-based Hindenburg Research. The survey report claimed that the Adani group had rigged the increase in the share price of its various companies. After that, the share prices of various companies of the Adani group suddenly went to the bottom. On Friday alone, the Adani group lost a total Rs 3.37 lakh crore market capital. In fact, several financial institutions including LIC, State Bank of India (SBI) are may be facing losses due to fall in Adani Group shares. LIC has major investments in Adani group companies. Adani Group has taken huge amount of loan from SBI. As a result, many are worried about the future of financial institutions.
However, SBI said on saturday that they are not at all worried about lending to Adani Group. The bank holds assets equal to the loan-value of the business entity. As a result, the bank's money is protected. In a statement, the spokesperson of the state-owned bank, Swaminathan J, said that as per the bank's policy, they do not want to comment on the name of a customer separately. It was later informed that the loan was given to the Adani Group as per Reserve Bank norms. Bank money is also protected. Adani's rise in the last few years has been almost meteoric. From the very beginning, Mukesh Ambani faced a tough challenge. Gradually overtook him to become the richest man in Asia. He is one of the top richest people in the world.
Incidentally, various banks have given loans of around Rs 80,000 crore to Adani Group companies. On the other hand, LIC has investments of more than 70 thousand crore rupees in Adani group companies. Shares of Bank of Baroda fell more than seven percent and SBI fell 4.69 percent. Shares of country's largest insurance company LIC fell by 3.25 percent. In FY 2021-22, Adani Group's total debt stood at Rs 2 lakh crore. Of which about 80 thousand crores were from banks.
Meanwhile, the market regulator SEBI has also warned about this. According to a Reuters report, SEBI will scrutinize every deal of the Adani group over the past year. Adani Group has done many big deals recently. These include the acquisition of Ambuja Cements and ACC Limited. The Hindenburg Research report will also be examined. The report has made several serious allegations against the Adani Group. However, denying these allegations, the Adani group has said to go to court against the US research company.
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