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LIC, SBI savings at risk amid Hindenburg vs Adani? Here's what banks said
As the shares of Indian billionaire Gautam Adani faced a bloodbath on Friday following a report by a US investment firm claiming the group had committed "brazen" corporate fraud, concerns were raised over its implications for financial stability and savings of crores of Indians in financial institutions such as Life Insurance Corporation (LIC) and State Bank of India (SBI). As much as 8 per cent of LIC's equity assets under management, amounting to a gigantic sum of ₹74,000 crore, is in Adani companies and comprise its second-largest holding," the statement added. Khara said the Adani Group hadn't raised any funding from SBI in the recent past and that the bank would take a "prudent call" on any funding request from them in the near future, reported Reuters. We have a long list of documents we would demand in a legal discovery process." Source - Hindustan Times
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