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Top hedge fund Avendus Capital turns to state-run banks as bad loans wane

The state-run banking index has dropped nearly 25 per cent in the past 12 months

Reuters  |  Mumbai 

India's top hedge fund is exploring opportunities in state-run banks, a sector shunned by most investors till now, as valuations turn attractive and the backlog of bad loans that have riddled lenders start to dwindle. State-run banks will also benefit if the economy continues to grow at about 7 per cent, Andrew Holland, chief executive of Avendus Capital Public Markets Alternate Strategies LLP, said at the Reuters Global Investment 2019 Outlook Summit. Bad loans at Indian banks reached a record $150 billion at the end of March with state-run banks accounting for the ...

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First Published: Thu, November 15 2018. 21:41 IST