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Home / Industry / Banking /  IDBI Bank clarifies on reports of Sanghavi Exports defaulting large loans
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Public sector lender IDBI Bank today clarified on reports of a Diamantaire group defaulting on 6,710 crore loans, stating the news item contains factual inaccuracies.

IDBI Bank further said it has exposure to Sanghavi Exports, which is a Non-Performing Account (NPA) with the Bank, but the principal outstanding amount is only 16.72 crore and it is fully provided for.

"It has been brought to the notice of IDBI Bank that a news article is in circulation stating that a default of 6,710 crore has been made by a Diamantaire group to IDBI Bank. The news item further mentioned the name of M/s Sanghavi Exports International Pvt. Ltd., which is a Non-Performing Account (NPA) with the Bank. The Bank hereby advises that the news item contains certain factual inaccuracies," the lender informed the stock exchanges.

"IDBI Bank has exposure to M/s Sanghavi Exports International Pvt. Ltd. (which is NPA), but the current Principal Outstanding is only Rs. 16.72

crore (Rupees Sixteen Crore and Seventy Two Lakh only) and the account is fully provided," it further said.

IDBI Bank has initiated requisite actions to recover its outstanding dues.

On Monday, IDBI Bank shares closed 1.41% lower at 45.40 apiece on NSE.

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