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RBI asks Indian banks for details of exposure to Adani Group: Report

1 min read . Updated: 02 Feb 2023, 10:46 AM IST Livemint

FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File Photo/File Photo (REUTERS) — FILE PHOTO: The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File Photo/File Photo **(REUTERS)**

The Reserve Bank of India (RBI) has asked local banks for details of their exposure to the Adani Group of companies, Reuters reported

NEW DELHI/MUMBAI: The Reserve Bank of India (RBI) has asked local banks for details of their exposure to the Adani Group of companies, Reuters reported.

The sources were speaking to Reuters and declined to be named because they were not authorised to speak to the media.

Shares in Adani group of companies plunged on Thursday after the tycoon Gautam Adani-led conglomerate decided not to go-ahead with the fully subscribed Follow-on Public Offer (FPO).

Yesterday, the company said that given the unprecedented situation and the current market volatility, it "aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction".

Adani Group Chairman Gautam Adani addressed investors said it would not be "morally correct" to go ahead with the ₹20,000-crore share in the current market condition. The U-turn of the conglomerate is expected to influence investors' sentiments.

-With agency inputs