Another state-owned lender Bank of Baroda has total exposure of Rs 7,000 crore, which is also fully secured.
Government-owned life insurance behemoth Life Insurance Corporation (LIC) has disclosed holdings of Rs 36,474.78 crore in Adani group’s debt and equity.
Earlier, the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid a steep fall in its stock prices.
Besides Credit Suisse Group AG, Citigroup Inc’s wealth arm has also stopped accepting securities of Adani Group firms as collateral for margin loans as banks ramp up scrutiny of the conglomerate’s finances.
The Opposition has been stalling Parliament for the past two days demanding a Joint Parliamentary Committee or a Supreme Court monitored probe into the affairs of the group. They alleged that the drastic fall in Adani Group shares on Indian exchanges has put public money in danger as public sector LIC and SBI have invested in those companies.
The Congress has alleged that the LIC and SBI have been “forced” to invest in the Adani Group.
Meanwhile, Moody’s Investors Service on Friday said it is assessing overall financial flexibility, including liquidity position, of Adani Group firms.
“These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years,” Moody’s said.
However, another rating firm Fitch Ratings said there is no immediate impact on the ratings of Adani entities and their securities.
Shares of four Adani Group firms, including Adani Enterprises and Adani Ports bounced back on Friday after facing heavy drubbing in the past 6 days.
The stock of Adani Enterprises rebounded 1.25 per cent to settle at Rs 1,584.20 apiece on the BSE. During the day, it tumbled 35 per cent to Rs 1,017.10 — its one-year low.
Shares of Adani Ports also bounced back and climbed 7.98 per cent to Rs 498.85 after falling 14.51 per cent to Rs 394.95 — its one-year low — during the day.
Ambuja Cements rallied 6.03 per cent and ACC climbed 4.39 per cent.
However, shares of Adani Transmission tanked 10 per cent, Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent).
