Through an exchange filing, private lender Axis Bank has clarified its exposure to Adani as 0.94 per cent of its net advances or loan book. The reassurance comes at a time when allegations of fraud against Adani and the stock market rout that followed, have spooked investors.
Questions have also been raised about how much Adani owes to banks in India and if the firm will be able to service debts. Axis Bank added that it remains comfortable with its exposure to the conglomerate. The bank has also given letters of credit and bank performance guarantees to the Adani Group apart from fund-based facilities.
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