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The difficulties of the Adani group do not seem to be ending at the moment. The group’s shares are falling like a house of cards after the Hindenburg report. On the other hand last night the group withdrew its much awaited FPO even after it was fully subscribed. Despite this, the company’s shares continue to decline. Meanwhile, the tension of the banks giving loans to the Adani group is also increasing. Adani Group has a loan of 80 thousand crores from various domestic and foreign banks and financial institutions. Which is 38 percent of the total debt of the group.
In view of the decline in the Adani group, the RBI (Reserve Bank of India) has sought details of their exposure to Adani group companies, government and banking sources from local banks, according to a report by news agency Reuters. The Reserve Bank has asked all the banks that in which sector and how much loan they have given to the Adani group and how much of its loan has been returned.
Know what State Bank of India said
The country’s largest bank SBI responded immediately to Hindenburg’s report regarding the Adani group. The State Bank of India (SBI) issued a statement saying that the loan given to the Adani group is well below the Large Exposures Framework of the Reserve Bank of India (RBI). However, SBI did not comment on the amount of its exposure to the group. According to sources, the cash flow has remained good from the projects to which the banks have given loans to the Adani group.
Know how much LIC money has been spent
Life Insurance Corporation of India (LIC) said on Monday last week that it has Rs 36,474.78 crore in bonds and equity of Adani Group and this amount is less than one per cent of the total investment of the insurance company. LIC’s total assets under management stood at over Rs 41.66 lakh crore as of September 2022.
100 billion dollar loss to the company
Adani’s companies have been registering a continuous decline since last one week. Due to this huge loss, the market cap of the company has also broken more than 100 billion. With this, Gautam Adani has also slipped down in the list of rich. The speed with which Adani’s wealth has declined in the last one week, he has slipped from the third richest person in the world to the 15th position.
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