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India’s leading stock indices fell on Friday as the extended slump in Adani Group shares, and its ripple effect on banking stocks, led to a slide in equities for the second session in a row.
At least half a dozen banks in India have staked their claims on the future spoils of a complex legal battle — the first of its kind that local lenders are experiencing — in a London court spearheaded by Grant Thornton UK against Jatin Mehta and his family, the promoters of one of the country’s largest wilful defaulters Winsome group.
Brokerage CLSA said Adani Group’s debt disclosures indicate a declining share of bank funding in Adani’s overall debt mix.
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