[ad_1]
Kotak Mahindra Bank Chairman On Adani Group: The group of the country’s veteran businessman Gautam Adani has suffered huge losses in a few days. The Reserve Bank of India (RBI) has sought reports from all banks on this loss. Big banks of the country are filing their reports one after the other. Uday Kotak, chairman of Kotak Mahindra Bank, has presented his case. He said that he does not see any risk to India’s financial system. Know what else he said…
turmoil in the market
In the last week, a lot of upheaval has been seen in the stock of Adani Group in the Indian stock market. Pointing to the volatility in Adani Group’s stock, the chairman of Kotak Mahindra Bank said that he does not see any risk to India’s financial system from the recent developments.
share info on twitter
I do not see systemic risk to Indian financial system from recent events. However, large Indian corporates rely more on global sources for debt and equity finance. This creates challenges and vulnerabilities. Time to further strengthen Indian underwriting and capacity building.
— Uday Kotak (@udaykotak) February 5, 2023
Bank’s chairman Uday Kotak has given this information on his official Twitter account. Without naming any group, he said that large Indian corporates have more dependence on global sources for debt and equity finance.
This is the reason for the decline
In the last few days, there has been a huge decline in the shares of Adani’s three companies since the Hindenburg Report on 24 January. Due to this, the market value of Adani Group has also fallen to a great extent. Its investors have also suffered huge losses. In one of its reports, this American short selling company had accused the Adani Group of rigging the stock and taking huge loans. However, the company rejected these allegations.
so much damage
Shares of Adani Enterprises fell over 35 per cent to Rs 1,017.10 in early trade on February 3. Just 24 hours ago, NSE had put the stock in the Additional Surveillance Measure (ASM) framework. This has increased the pressure on the stock further. Due to this, the market of Adani Group reached below Rs 10 lakh crore, which has decreased by about 50 percent after 24 January.
read this also- PM Modi: Petrol E20 with ethanol will be launched in the country tomorrow, PM Modi will inaugurate ‘India Energy Week’
[ad_2]
Source link