RBI keeps close watch on loans to Adani group

The Reserve Bank of India is closely monitoring loans given out to Adani group of companies. As per a report by Mint, lenders have been asked to provide weekly updates on their financial exposure to the group.

Last month, RBI asked banks to share data on exposure to the Adani group after US-based short seller Hindenburg Research alleged accounting fraud and stock manipulation at its companies.

Its been a month since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation on Adani Group. Accusations which the group has strongly denied. However, the conglomerate has shed more than $120 billion in market value since the allegations were made on 24 January.