Kotak Bank’s loan given to Adani Group is minor
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Paritosh Kashyap, president and head of wholesale banking at Kotak Mahindra Bank, said the troubles plaguing the Adani group are more related to capital markets and valuation issues than debt issues. He told ‘PTI-Bhasha’, ‘The loan we have given to the group is less.
Mumbai A senior Kotak Mahindra Bank official has said that the loan given to the Adani group is in line with the bank’s lending principles and the loan amount is also nominal. Paritosh Kashyap, president and head of wholesale banking at Kotak Mahindra Bank, said the troubles plaguing the Adani group are more related to capital markets and valuation issues than debt issues. He told ‘PTI-Bhasha’, ‘The loan we have given to the group is less. We do business with every corporate entity in the country and the loans we offer are consistent with our principles and our book size.”
He said the companies operating in the group are in reasonable profit and have strong profitability and balance sheet. Notably, a report by New York-based firm Hindenburg in January accused the group led by industrialist Gautam Adani of engaging in “blatant stock manipulation and accounting fraud”. After this allegation of the company, there was a big fall in the shares of the listed companies of the diversified business group.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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