In a report released on February 7, the agency noted that the exposure of the country's lenders to the troubled business group is "not large enough”, according to a Moneycontrol report.
It noted that the exposure of banks may go up if the conglomerate turns to domestic banks for most of its funding in a situation lending from international markets is curtailed "because of heightened risk perception".
“While we estimate that the exposures are larger for public sector banks than for private sector banks, they are smaller than 1 percent of total loans for most banks," it added.
The listed companies of Adani Group lost nearly Rs 9.5 lakh crore between January 24 and February 6, after a report published by US-based short seller Hindenburg Research triggered an unprecedented sell-off.
In the report, Hindenburg Research accused Gautam Adani-led ports-to-power conglomerate of accounting fraud and stock manipulation.
Earlier in the day, Fitch Ratings also noted that banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles, the report said.
The rout in Adani Group’s shares halted on today after the group companies reported a strong Q3FY23 performance.