Global banks weigh halting fresh credit to India's Adani after US indictment, say sources

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Global banks weigh halting fresh credit to India's Adani after US indictment, say sources - Channel News Asia

Quick Summary:

HONG KONG/NEW YORK : Some global banks are considering temporarily halting fresh credit to India's Adani Group but staying put with existing loans following U.S.prosecutors' indictment of its billionaire founder Gautam Adani for fraud, sources said.U.S.

Indian opposition parties that have long complained that Adani and his conglomerate have been treated favorably by Prime Minister Narendra Modi's government called for an investigation into allegations of wrongdoing.

"There's been no conviction ...but if you're a risk officer at a bank with exposure to Adani, maybe you're getting a little bit nervous," said Ed Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle.