The Congress on Wednesday (September 4, 2024) claimed data revealed by the All India Bank Employees Association (AIBEA) shows that public sector banks took a 74% “hair cut” on their outstanding dues in 10 financially stressed companies after they were bought over by the Adani Group.

Congress general secretary Jairam Ramesh said that AIBEA data showed banks that had claims of ₹62,000 crore from 10 companies under financial stress were made to settle their loans for just ₹16,000 crore after the Adani Group took over these companies.

“The All India Bank Employees Association has revealed, through publicly available data, how public sector banks that had claims of about ₹62,000 crore from 10 financially stressed companies have been made to settle for just ₹16,000 crore after the non-biological PM’s favourite business group took over these 10 companies,” Mr. Ramesh posted on social media platform X.

“In the colourful language of finance, this is a 74% ‘haircut’ taken by the banks,” he added.

The Congress leader also shared a screenshot of details, purportedly shared by the AIBEA, that showed companies that were bought over by the Adani Group got a ‘haircut’ in the range of 96% to 42%.

While the Congress has been persistent in its attack on the Adani Group in the wake of allegations made by Hindenburg Research, the Adani Group has described the charges as baseless.