Adani stocks in focus as Indian banks are reviewing Group exposure following US charges
Adani stocks will be in focus on Friday after reports suggested Indian banks are reevaluating their exposure to the conglomerate. This follows charges of bribery and fraud filed by U.S. prosecutors against Chairman Gautam Adani and others.
Public sector banks, including the State Bank of India (SBI), Bank of India, and Union Bank of India, are leading the review, with private lenders such as ICICI Bank, Canara Bank, IDBI Bank, and RBL Bank also involved, according to a Reuters report.
A review would not necessarily entail any change in the lenders' credit approach with regards to the group.
A regulatory source aware of the development said from a banking system perspective there is no need to panic as no entity at this point is over exposed to the group.
SBI has the largest exposure to the Adani Group among Indian banks, with sanctioned loans of Rs 33,800 ($4 billion), according to IIFL Securities, a brokerage.
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