1 / 9The exposure of Indian banks to the embattled Adani Group is not enough to impact their credit profiles, two rating agencies said on Tuesday, weeks after a U.S. short-seller report unleashed a brutal rout in shares of the conglomerate's businesses.2 / 9Investors have been worried about various banks' exposure to the group ever since late January when U.S.-based short-seller Hindenburg Research alleged improper use of offshore tax havens and stock manipulation by Adani Group.3 / 9The exposure of Indian banks to Adani Group is 'insufficient in itself' to present a substantial risk to the credit profiles of these lenders, Fitch Ratings said in a note.4 / 9Fitch estimated that loans to all Adani Group entities generally account for 0.8%-1.2% of total lending for Indian banks rated by the agency, equivalent to 7%-13% of total equity.5 / 9'Even in a distress scenario, it is unlikely that all of this exposure would be written down, as much of it is tied to performing projects,' it said.6 / 9Moody's Investors Service also made similar comments, saying the exposures are larger for public sector banks than for private sector banks, but they are smaller than 1% of total loans for most banks.7 / 9The risk to banks can increase, however, if Adani Group becomes more reliant on bank loans, Moody's cautioned.8 / 9Earlier on Tuesday, Fitch unit CreditSights said in a separate note that State Bank of India's (SBI.NS) exposure to the group is 'well-manageable' given its strong buffer of provision reserves.9 / 9SBI's total exposure was 0.9% of its total loan book, or around 270 billion Indian rupees ($3.26 billion), Chairman Dinesh Kumar Khara has said.