For the best experience, open
on your mobile browser.

SBI has given Rs 21,000 crore loan to Adani Group, nothing to worry about, says SBI Chairman

After the cancellation of the FPO by the Adani Group, the company's shares recorded a decline on Thursday as well
07:21 PM Feb 02, 2023 IST | APN Live
sbi has given rs 21 000 crore loan to adani group  nothing to worry about  says sbi chairman

India’s largest government bank State Bank of India (SBI) has given a loan of Rs 21,000 crore ($ 2.6 billion) to Adani Group firms. This amount is half of what the State Bank of India is allowed to lend under the rules. This has been revealed in a report that came on Thursday.


It has been said in the report that the money given by SBI to Adani also includes $ 200 million from its foreign units. SBI Chairman Dinesh Kumar Khara said on Thursday that Adani group companies affected by the turmoil are servicing loans and he does not see any immediate challenge to what the bank has lent so far. Bloomberg has shared this information citing a source.

On Thursday, SBI shares were trading almost flat at Rs 527.75 on the BSE. After a report by US-based firm Hindenburg, there was a tremendous loss of market capitalization to Adani Group companies. According to a report, Adani Group companies lost $100 billion in market capitalization in a week after Hindenburg’s report. In this report of Hindenburg, questions were raised on the financial functioning of Adani Group companies.


After this report came out, there has been a huge fall in the shares of Adani Group. However, the Gautam Adani-led Adani Group called these allegations baseless and misleading. He claimed that in this report an attempt has been made to mislead the public. Adani Group had also talked about taking this matter to the court.

RBI seeks reports from Public Sector Banks on loan to Adani Group companies

On Thursday the Reserve Bank of India has sought information from all the public sector banks on how much loan they have given to Adani Group companies. News agency Reuters has given this information.


According to a Reuters report, the information sought by the RBI includes the list of properties of the Adani Group which have been considered as collateral for the loan. Apart from this, a list of indirect risks of banks in Adani Group has also been sought.

SBI Chairman Dinesh Kumar Khara told Reuters last week that there was nothing to worry about the risks with the Adani Group. He had said that Adani Group has not taken any funds from the bank in the recent past.

An organisation named Societe Generale said on Wednesday that Adani Group has only 0.6 percent exposure to the Indian banking sector.

After the cancellation of the FPO by the Adani Group, the company’s shares recorded a decline on Thursday as well. After this, the market loss of this giant company has gone up to 100 billion dollars.

On Thursday, the stock of Adani Enterprises fell nearly 20 per cent, reaching its lowest level since March 2022. Other companies of this group were also seen under pressure. Adani Ports and Special Economic Zone were down 5 per cent each, while Adani Total Gas, Adani Green Energy and Adani Transmission were down 10 per cent each.

If we talk about Punjab National Bank, then the total exposure of this bank in Adani Group is Rs 7,000 crore.

Tags :