Adani group companies face huge losses due to Hindenburg research report. In the last six days, Adani group companies have suffered a loss of 46%. SBI LIC investment in Adani Group: Nirmala Sitharaman finally breaks silence.
During the same period, the company market capitalization suffered a loss of Rs 876,524 crore. State Bank of India (SBI) and Life Insurance Corporation of India (LIC), which have invested in Adani companies, have also experienced setbacks, and investors are worried.
There was uproar in Parliament over this issue. Now Finance Minister Nirmala Sitharaman has broken her silence on the Adani case for the first time. Finance Minister Nirmala Sitharaman said the Indian banking system is in good shape. People need not panic. SBI and LIC’s investment in Adani group is limited, she said.
Both the bank and LIC are profitable and investors need not worry for now, he said. As per my understanding LIC and SBI investment in Adani Group is within the prescribed limits. I would like to mention that both SBI and LIC have shared their detailed information with their respective CMDs.
State Bank of India today said that it has succeeded in reducing the burden of NPA and is in a strong position. Information provided by SBI and LIC. Both have clarified that they have not overexposed. The information was made public on behalf of both that their exposure to Adani Group shares was within the limits.
Even after the drop in their valuation they are still profitable. He said that the current Indian banking system has reduced the burden of NPAs. The bank has a strong dual balance sheet. He said the state of NPA and recovery is good.
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