The crash in Adani Group's stocks and the cancellation of its FPO has raised eyebrows across the globe, prompting higher scrutiny from market regular Securities and Exchange Board of India. At the same time, the Reserve Bank of India is also concerned about the exposure of banks to the Adani Group, and the risks they face. Amid the chaos, a Bloomberg report shows that India's top public sector lender, the State Bank of India, has given loans worth more than Rs 21,000 crore to Adani.
The report also claims that more than Rs 1,600 crore of the amount was granted to Adani Group through SBI's overseas units. Earlier, the bank's chairman has said that there is no immediate challenge to its lendings to Adani, since the firm is servicing loans. Even though Adani has repeatedly tried to dismiss Hindenburg Research's report, it has managed to spook investors triggering a sell off.
Apart from SBI, another public sector bank Punjab National Bank had revealed that it had given Rs 7,000 crore as loans to Adani Group firms. Among private players, IDFC First has exposure to Adani equal to 0.1 per cent of its loan book, while IndusInd Bank has lent 0.49 per cent of its loan book to the conglomerate.
