MUMBAI (Reuters) – Indian banks’ exposure of loans against shares to the embattled Adani Group is not very significant, a deputy governor of the central bank said on Wednesday, allaying concerns that lenders could be hurt as a result of a massive sell-off in the conglomerate.
Investors have been worried about various banks’ exposure to the Adani Group ever since late January when U.S.-based short-seller Hindenburg Research alleged improper use of offshore tax havens and stock manipulation by the conglomerate.
The Adani group has denied wrongdoing, but saw more than $110 billion wiped off the conglomerate’s market value since the report was released.
