RBI looking into details of bank exposure to Adani Group firms

The Reserve Bank of India asked local banks for details of their exposure to the Adani group of companies, multiple news agencies reported on Thursday citing people aware of the matter, as stock exchanges separately put some of the conglomerate's firms on additional surveillance.

Shares of Adani Enterprises, Adani Ports and Ambuja Cements on the National Stock Exchange were put under additional surveillance in a bid to prevent speculation and short selling, needing investors to pay 100% upfront margin to trade in these shares, analysts said.

These stocks will also have a 5% daily price band, or the range within which a stock can be traded for that day.

A Bloomberg report separately cited sources as saying that State Bank of India had an exposure of just $2.6 billion.

Information being sought by the RBI includes details of collateral being used to back loans and any indirect exposure banks may have, according to Reuters.

Adani Group's market losses swelled to more than $100 billion, sparking worries about their potential systemic impact a day after its flagship company abandoned a $2.5 billion stock offering.