AS the market continued to hammer its stocks with the flagship Adani Enterprises dipping another 26.50% and over $100 billion shaved off the group’s total market cap, the Reserve Bank of India (RBI) has sought details from banks about their exposure to the group.
This comes amid the sustained fall in the shares of group companies and in the wake of last night’s withdrawal of the follow-on public offer of Rs 20,000 crore.
When contacted, an RBI official declined to comment on the development.
After Credit Suisse stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients, Citigroup’s wealth unit has also stopped extending margin loans to its clients against securities of Adani group companies.
