IDBI Bank says diamond group owes ₹16.72 cr after report claims ₹6,710 cr default
After a report claimed that diamond firm Sanghavi Exports International defaulted on loans worth ₹6,710 crore to IDBI Bank, the bank issued a clarification saying the report contained "factual inaccuracies". The Mumbai-based group's account is a non-performing asset, but current principal outstanding is only ₹16.72 crore, it said. The bank added that it initiated requisite actions to recover dues.