Shares of Adani group companies saw an intense selling for a second session in a row on Friday, wiping out more than $51 billion in combined market value of billionaire Gautam Adani-led firms.

The sell-offs in shares of Adani firms started after US-based investment research firm Hindenburg Research accused the Adani group of “brazen” market manipulation and accounting fraud. The Hindenburg allegations have raised questions over the financial stability of the Adani Group and business handling of Gautam Adani, who presides over a sprawling empire that now spans from ports and airports to energy, cement and data centres.

As the allegations suggest, the Adani Group artificially inflated its stock’s value through manipulation, and then raised funds by pledging those shares, if the charges are true banks such as SBI could face heavy losses in the event of a fall in those share prices.

Meanwhile, concerns are also being raised over safety of savings of crores of Indians in financial institutions such as Life Insurance Corporation (LIC) and State Bank of India (SBI) as they have big exposure to Adani group firms.

After a sharp fall in shares of Adani group companies for two days, some of leading public sector banks in the country said their exposure to the group was within the limits prescribed by the RBI. The Reserve Bank does not allow more than 25 percent of a bank’s available eligible capital base to be exposed to any one group of connected companies.

“There is nothing alarming about our Adani exposure and we don’t have any concerns as of now,” SBI chairman Dinesh Kumar Khara told Reuters. The Adani Group, he said, hadn’t raised any funding from SBI in the recent past and that the bank would take a “prudent call” on any funding request from them in the near future, reported Reuters.

“Our exposure to the Adani Group is below the large exposure framework of the Reserve Bank of India,” Reuters quoted an unnamed executive at the Bank of India as saying.

As far as LIC’s exposure to Adani group companies is concerned, ET Now reported citing sources that LIC is not in panic mode and won’t sell Adani shares for now. Sources said that LIC mainly invests in companies for the long term.

The state-controlled life insurer, LIC, is spending about $37 million as an anchor investor in a $2.5 billion new share sale by Adani Enterprises Ltd, according to a filing. Its current holding in the company stands at 4.23 percent.

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