India’s Punjab National Bank has a total exposure of 70 billion rupees ($859.30 million) to Adani Group, but there is currently no worry pertaining to those accounts, the state-run lender’s managing director and chief executive said on Monday.
Last week, U.S. short-seller Hindenburg Research flagged concerns about Adani Group’s debt levels and the use of tax havens. Adani Group has said that it complies with all local laws and has made the necessary regulatory disclosures.
“Out of 70 billion rupees, around 25 billion rupees is related to Adani’s airport business,” PNB CEO Atul Kumar Goel told reporters at a virtual press conference after the company’s quarterly results.
