Private sector lender Axis Bank said its exposure to Adani Group entities stands at 0.94% of its net advances as on 31 December 2022.

The country’s third-largest private lender also said it remains comfortable with its exposure to the group.

"We extend credit basis comfort on cash flow, security, and repayment capability of obligors as per the bank's credit assessment framework. We remain comfortable with our exposure to Adani Group basis the same," Axis Bank said in a regulatory filing.

The exposure to Adani Group is primarily to the operating companies in sectors like ports, transmission, power, gas distribution, roads and airports, it said.

Axis Bank's fund-based outstanding as percentage of net advances is 0.29%, while that of non-fund-based outstanding is 0.58%, the lender said. Investments as percentage of net advances of the bank is 0.07% as of December 31, 2022, it added.

In addition, the bank's fund-based and non-fund-based outstanding towards the group's JVs (with an MNC in the FMCG segment and with a PSU in City Gas Distribution segment) is at 0.02% and 0.25%, respectively, of the net advances.

Further, it said the bank has a resilient balance sheet with standard asset coverage of 1.53% as of 31 December 2022.

The country's largest lender State Bank of India (SBI) has an exposure of Rs 27,000 crore to the Adani group while Punjab National Bank’s (PNB) is at Rs 7,000 crore. 

Bank of Baroda has a total exposure of Rs 5,400 crore, which is also fully secured.

Government-owned life insurance behemoth Life Insurance Corporation (LIC) has disclosed holdings of Rs 36,474.78 crore in Adani group's debt and equity.

Earlier, the conglomerate withdrew the Rs 20,000-crore follow on public offer (FPO) of its flagship firm Adani Enterprises amid a steep fall in its stock prices.

Adani firms have lost more than $100 billion in stock values since US short-seller Hindenburg Research released a report last week alleging that the ports-to-energy-to-cement conglomerate had engaged in “brazen stock manipulation and accounting fraud”. The report raised concerns about Adani Group’s high debt levels and the alleged use of offshore entities in tax havens.