Indian banks’ exposure to the controversy-hit Adani Group is not very large to pose a threat to the credit ratings of lenders at present, global rating agencies Fitch Ratings and Moody’s Investors Service said on Tuesday.
However, they believe that a higher reliance of the ports-to-energy conglomerate on banks in absence of funding from the international market may increase the risk for these lenders, especially state-run banks.
The stocks of various listed companies of the Adani Group came under heavy selling pressure after the US-based short seller Hindenburg Research came out with a report, accusing it of a ‘brazen stock manipulation and accounting fraud’.
