Punjab National Bank (PNB) which has about `7,000 crore exposure in Adani Group entities on Monday said it is keeping a close watch on situation developing following the damning disclosures by a US short seller.
The state-owned bank has total exposure of about ` 7,000 crore. Out of that `2,500 crore is related to the airport business.
“Whatever exposure we are having is backed by cash flow. Total exposure include investment of `42 crore and remaining credit,” PNB managing director Atul Kumar Goel said while announcing quarterly numbers.
As on date there is no worry as the bank has not too much exposure keeping the size of the lender, he said, “we are keeping a close watch on development (on Adani front) in times to come.”
Adani group’s listed companies have lost over $70 billion since the January 24 report of the New York firm that flagged high debt levels at the ports-to-energy conglomerate and the alleged use of offshore entities in tax havens.
Hindenburg Research had alleged that the ports-to-energy-to-cement conglomerate had engaged in “brazen stock manipulation and accounting fraud” for decades.
The Adani Group has denied all charges and threatened to sue the US firm.
