The share prices of companies associated with the Adani Group conglomerate took an initial hit after the Hindenburg report was released, sparking fear in all those with an SBI account.
If you are an account holder in the State Bank of India, then surely you were concerned when the Hindenburg Research report regarding the financial situation of the Adani Group was released, slamming the company for alleged unfair dealings.
The shares of the companies associated with the Adani Enterprises and Adani Group took a major hit in the midst of the Gautam Adani-Hindenburg report saga, which raised significant concern over the debt positioning of the company and investment of several companies in Gautam Adani’s companies.
After the Hindenburg report raised concern over the investment of state insurer Life Insurance Corporation (LIC) of India and State Bank of India (SBI) in Adani Group, many SBI account holders and LIC policyholders were concerned about the safety of their investments.
Is your money safe in SBI, LIC policies?
In the midst of the Adani-Hindenburg saga, several stock market experts have soothed the concern of people who have money in LIC and SBI, saying that despite the heavy sell-off of Adani stocks, LIC is sitting with a profit on its investment of around Rs 30,000 crore.
While LIC’s position during the Adani Group issue remains safe, SBI account holders can also breathe a sigh of relief as the government bank has revealed that its debt exposure in Adani group companies is around 0.90 percent of its total loan book, which means that there is no cause for alarm.
The State Bank of India has said that if the Adani Group fails to sustain its position against the Hindenburg Research report, then SBI will be able to recover from its debt exposure in the Adani group in 9-10 months, as per the current rules and policies.
Your money is also safe in LIC life insurance policies for the time being as the company has a hoard of Rs 26,000 crore cash in its hand and it has an unclaimed amount of around Rs 21,000 crore. This means that even if LIC’s investment in Adani Group stocks becomes zero, they will be able to reimburse the money of all the public investors using the cash in hand.
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 "Adani Group-Hindenburg saga: Is your money safe in SBI account, LIC? Know what experts are saying")
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