New Delhi: Adani Group chairman and third richest person in the world Gautam Adani has now reached number 7. The price of Adani Group’s shares has plummeted. The main reason is the Hindenburg Report of the American research firm Hindenburg. Almost 4 lakh crores of investors in Adani Group have sunk after this report. And with this, Gautam Adani’s net worth has also decreased by 22 billion dollars. Amidst this big crisis that has befallen the group, a statement has also come from the State Bank of India which has given a huge loan to the group. State Bank’s Corporate Banking MD Swaminathan J said that there is currently no situation due to which the loan given to Adani Group has to be worried. The loans given to them are within the limits of the Reserve Bank of India. All the necessary rules have been followed to secure that loan.
SBI made a positive statement about Adani Group
Now the statement given by SB IA is very positive. The bank states that the Adani Group has loans worth Rs 80,000 crore from various domestic and foreign banks and financial institutions. Which is 38 percent of the group’s total debt. State Bank of India (SBI) in a statement further said that the loans given to the Adani group are well below the Reserve Bank of India’s (RBI) large exposure framework. However, SBI did not comment on the amount of its exposure to the group. According to sources, the cash flow from the projects for which the banks have given loans to the Adani group has been good.
Investors get Rs. 4.18 trillion has been lost
In the last two trading sessions, Adani Group’s market cap was Rs. 4.18 trillion has decreased. A report by US-based investment research firm Hindenburg Research alleged that the group engaged in brazen stock manipulation and accounting fraud schemes. The group described the report as maliciously aggressive and unresolved. It has said it is evaluating relevant provisions under US and Indian law for legal and punitive action against the Hindenburg Research.