'No need for concern over SBI, LIC exposures': Fin Secy on Adani stock rout

India's finance secretary, when asked about the Adani Group companies' stock rout, said there was no cause for concern for depositors, policyholders or investors in any nationalised banks or LIC

NEW DELHI (Reuters) - India's finance secretary, when asked about the Adani Group companies' stock rout, said there was no cause for concern for depositors, policyholders or investors in any nationalised banks or insurance companies, NDTV reported.

The exposure of the State Bank of India and the Life Insurance Corporation of India in any company is far below the level where it should be a concern for investors, Finance Secretary T.V. Somanathan told NDTV on Friday.

Adani Group companies' market value has move than halved to less than $100 billion after a critical report last week by a U.S. short seller.

 

(Reporting by Shivam Patel in New Delhi. Editing by Jane Merriman)