The short-seller attack on the Adani Group has continued to dominate the headlines this week. From the macro perspective there are few signs of contagion, with equities up slightly on the week in light of the Budget. But it is too early to sound the all clear. While local banks have distanced themselves, it may take a long while for exposure to the Adani Group to surface. And Indian banks in general look more vulnerable to large loan losses than many of their EM counterparts.
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