India's largest public lender, State Bank of India (SBI), has reportedly extended loans of up to Rs 21,000 crore ($2.6 billion) to Adani Group firms, half of the allowable limit. Despite a recent $100 billion market cap loss for Adani due to a critical report by Hindenburg Research, SBI's Chairman, Dinesh Kumar Khara, assures that the loans are being serviced.
The Reserve Bank of India is seeking details on PSU banks' exposure to Adani, but SBI downplays concerns. Adani shares tumble, and the Nifty Bank index sees a 5.4% decline since the Hindenburg report.