The Hindenburg is a forensic financial research agency that reportedly tracks corporate misconduct. On January 24, it released a report on Adani’s Group, finding that the company had committed blatant stock manipulation and accounting fraud over the years.
The Adani Group’s stock price has plummeted in light of the Hindenburg allegations. However, the allegations have yet to be substantiated. Citing Prime Minister Modi’s ties to Adani, many propagandists are cheering Adani’s downfall.
Moreover, TMC politician Mahua Moitra, flagbearer of free speech, stated in a tweet that the SBI had issued a statement. They said that Adani owed it 27,0000 billion rupees, representing 27% of the SBI’s total loan book.
Another propaganda media portal, The Telegraph, also claims in its report that the Adani group owes 27% of the total SBI’s loan book.
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Fact Check
We started our research with a keyword search using “SBI said Adani owed it 27,0000 billion rupees,” and came across a report by The New Indian Express.
According to the Indian Express, Dinesh Khara, Chairman of State Bank of India (SBI), stated on Friday that the bank’s exposure to Adani Group is roughly Rs 27,000 crore, or 0.8-0.9% of its loan book, and not 27%.
Also, he further stated that the SBI has not made loans against shares to Adani Group companies and that the current drop in Adani company shares will have no impact on the SBI.
Further, using the same keywords on YouTube, we found the news reporting video on CNBC TV18 with the description “Adani Exposure 0.9% of Total loans, See No Challenge: SBI Chairman Dinesh Kumar Khara On Adani.”
Chairman Dinesh is heard in the video at 1:38 minutes stating that they have financed to Adani for projects with tangible assets and enough cash creation. Furthermore, in terms of the quantum, it only accounts for 0.8-0.9% of the total SBI’s loan book.
Hence, the claim that the Adani group owes Rs 27,000 crore to the SBI which makes up 27% of the loan book is baseless and exaggerated. Adani group only owes 0.8-0.9% of the total SBI’s loan book. Many opportunists are misquoting and twisting SBI’s statement.
| Claim | Adani owes 27% of the total SBI’s loan book |
| Claimed by | Mahua Moitra and The Telegraph |
| Fact Check | Misleading |
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