SBI's overall exposure to Adani Group at Rs 27,000 Cr, says Chairman
Adani Group stocks have taken a beating after US-based short-seller Hindenburg Research made a litany of allegations in a report.
The country's largest lender SBI on Friday said its overall exposure to the Adani Group is at 0.88 per cent of the book or around Rs 27,000 crore.
SBI chairman Dinesh Khara said the bank does not envisage the embattled ports-to-mining group facing any challenge to service its debt obligations and stressed that SBI has not given any loans against shares to the group.
Lending to Adani Group projects is with regard to ones having tangible assets and adequate cash flows, Khara said, adding that the group has an excellent repayment record.
He also said there has not been any refinance request, which has come from the Adani Group.
The stock price of Adani Enterprises fell by over 70% from its peak of Rs 4,190 in December, last year. Since January, the BSE Sensex has slumped by over 1,000 points largely driven by a sell-off in Adani Group stocks.
Adani Group stocks have taken a beating after US-based short-seller Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
