To pacify stakeholders, top banks declare their exposure to Adani Group

The Adani Group has been in deep trouble since the US-based short seller Hindenburg Research released a report pointing out irregularities in the conglomerate’s books and accused it of manipulating accounts on January 24. Since the release of the report, Adani Group firms have lost $110 billion in value. Gautam Adani’s own wealth has been halved to a little more than $61 billion and he has slipped out of the ranking of the world’s top 10 richest people.

Centre’s officials and representatives of the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) have issued statements to pacify the stakeholders. Major lenders to the Adani Group too, have reiterated their faith in their business and their financial wealth.