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Kerala floods take a toll on small businesses, NBFCs brace for losses

The state government pegged initial loss at around Rs 200 billion, but industry says it will be much bigger

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T E NarasimhanGireesh BabuShine Jacob Chennai/New Delhi
The floods in Kerala have hit small businesses in the state, mainly in the retail, agriculture, plantation and tourism sectors.

The adverse effect is expected to be felt on some banks and non-banking financial corporations (NBFCs) with a sizeable exposure in the state. And, to some extent, on tyre makers — 85 per cent of the country’s rubber production is from Kerala.

The state government pegged initial loss at around Rs 200 billion, but industry says it will be much bigger.

N Dharmaraj, chief executive at Harrisons Malayalam Ltd, part of the RP Goenka Group, said there has been considerable wash off in

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