Adani Group lenders see relief rally as group promoters raise money from GQG Partners

REC has a total exposure of Rs 7,000 crore or 1.7 percent of its overall loans, followed by IndusInd Bank and Axis Bank.

State-run lenders like SBI, PNB and Bank of Baroda have exposure of less than a percent of their overall loans.

In absolute terms, SBI, the country's largest lender has the biggest exposure to the Adani Group, amounting to Rs 27,000 crore.

The correction in Adani Group stocks following the Hindenburg Research report on January 24 had extended to these financial stocks as well. SBI saw a fall of 14 percent from the level of Rs 600 seen on January 23 to Rs 516 on February 22.

Over the last ten sessions, the stock has regained nearly 50 percent of those losses. The same trend is seen in other names as well. In today’s session, all these financial stocks are in the green, trading with gains between 1-4 percent.

Shares of Adani Enterprises are trading with gains of 11 percent, followed by Adani Ports with gains of 7 percent. All cash market stocks are locked in an upper circuit of 5 percent. Cement names ACC and Ambuja have also gained between 3-4 percent.