The exposure of Indian banks to the embattled Adani Group is not enough to impact their credit profiles, two rating agencies said on Tuesday, weeks after a U.S. short-seller report unleashed a brutal rout in shares of the conglomerate's businesses.
"Even in a distress scenario, it is unlikely that all of this exposure would be written down, as much of it is tied to performing projects," it said.
The risk to banks can increase, however, if Adani Group becomes more reliant on bank loans, Moody's cautioned. CreditSights pointed out that the country's largest lender has a provision reserves buffer of around 338 billion rupees, or around 1% of net loans.
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