SBI Holdings has joined Nomura Holdings and other Japanese financial firms in releasing details of their mutual funds¡¯ exposure to securities in the Adani Group companies, as fallout spreads from the Indian conglomerate¡¯s scandal.
SBI¡¯s asset management arm published the weightings of Adani-related stocks held by four of its publicly offered investment trusts in a statement dated Monday. Nissay Asset Management, a subsidiary of Japan¡¯s largest insurer by assets, did the same for 10 index funds in a separate release that day.
The moves underscore how U.S. federal prosecutors¡¯ indictment of Indian billionaire Gautam Adani over an alleged bribery plot last week has sent ripples across the globe. Kenya canceled $2.6 billion worth of airport and power transmission contracts the tycoon¡¯s conglomerate had pitched for, while TotalEnergies SE said it won¡¯t make any fresh investment in the group until the consequences of the U.S. action become clear.
The exposures for SBI¡¯s mutual funds range from 0.21% to 2.55%, while those for Nissay¡¯s are from 0.02% to 0.24%. Nomura Asset Management and Daiwa Asset Management earlier disclosed theirs last week.
¡°We will continue to pay close attention to the funds¡¯ composition, monetary policy, and market environment,¡± SBI said in its statement. ¡°We would like to ask investors for your continued support of our funds.¡±
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