Adani Contagion Fear Hits India Bank Stocks, Major Life Insurer
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Shares of Indian banks and Life Insurance Corp. of India plunged on Friday amid concerns about their exposure to the Adani Group following a scathing short-seller report.
The NSE Bank Nifty Index dropped as much as 3.5%, extending declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners, falling at least 5% each. LIC’s shares extended their drop to 4.3% intraday before paring some losses.