On Saturday (February 4), Trinamool Congress (TMC) MP Mahua Moitra stirred the hornet’s nest after she falsely claimed that the State Bank of India (SBI) owed 27% of its loan book to the Adani group.
In a tweet, she claimed, “SBI says Adani group owes it ₹27000 crores – a whopping 27% of its loan book. Finance Secretary says it is a storm in a cup.”
The TMC leader tried to create panic and hysteria among the Indian masses at a time when a malicious Hindenburg Research report targeting Adani Group caused a loss of $100 billion for investors in Adani Group.
Opindia also found that the fake claim about SBI owing 27% of its loan book to Adani Group was also published by The Telegraph.
While it is true that the conglomerate has taken loans totalling ₹27000 crores from the Indian public sector banks, the total exposure stands at a mere 0.88% (~0.9%) of the overall loan book and not 27% as claimed by Mahua Moitra or The Telegraph.
SBI Chairman Dinesh Khara has confirmed the development while speaking to the Press Trust of India.
SBI’s total exposure to Adani Group is 0.9 per cent of overall loan book, says chairman Dinesh Khara
— Press Trust of India (@PTI_News) February 3, 2023
After she was called out on social media, the Trinamool Congress leader quietly deleted her tweet without citing any apology or clarification.
According to @MahuaMoitra, SBI has given loan around ₹1 lakh crore.
— Facts (@BefittingFacts) February 4, 2023
But the fact is, SBI has given loan of more than ₹30 lakh crore. more than ₹6 Lakh crore for home loans only. pic.twitter.com/zr2ToJp7e9
Total exposure of SBI in Adani group is less than 1% which is fully backed by collaterals. The debt are timely serviced.
— Rishi Bagree (@rishibagree) February 4, 2023
Wonder where @mahuamoitra is getting this 27% figure and why she is hell bound to create panic with her lies ?
This is nothing short of economic terrorism pic.twitter.com/Snasj8FCpm
Later, Mahua Moitra posted another tweet after getting rid of the percentage of the exposure of SBI to Adani Group.
“$100bn market cap lost in 4 days. LIC, SBI & PNB with large positions in stock. Indian markets slammed for cancelled FPO. Investors losing faith in SEBI. Some storm, some teacup, Mr Finance Secretary,” Mahua Moitra tweeted making a desperate attempt at face-saving.
$100bn market cap lost in 4 days.
— Mahua Moitra (@MahuaMoitra) February 4, 2023
LIC, SBI & PNB with large positions in stock.
Indian markets slammed for cancelled FPO.
Investors losing faith in SEBI.
Some storm, some teacup, Mr Finance Secretary ! #HisMastersVoice
On January 24 this year, the US-based investment research firm published a 32,000-word report, accusing the Adani Group of stock manipulation and use of tax havens.
The Adani Group trashed the Hindenburg Research report as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.
On January 29, the Adani group slammed Hindenburg Research with a 413-page report, dismissing allegations levelled by the latter. The Adani group pointed out how the US-based investment research firm sought to benefit from its report attacking the Indian conglomerate.
“This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors,” Adani Group emphasised.
