Exposure to Adani Group not a matter of worry: PNB chief

Atul Kumar Goel, MD and CEO of Punjab National Bank, said Monday that the state-owned bank has an exposure of about Rs 7,000 crore to companies owned by the Adani Group companies., “PNB has Rs 7,000 crore of exposure in 8–9 companies of the Adani Group. Our exposure is mostly in the airport business with Adani. “I don’t need to worry about the current issue of Adani, as most of the exposure is generating money to pay their dues. We are keeping our eyes on the issue,” Goel said after releasing the bank’s October-December 2022 quarter earnings. , , Of those Rs 7,000 crore, only Rs 42 crore is an investment in bonds, and the rest is a loan, Goel said. The state-owned bank reported that its net profit declined by 44% year-on-year to Rs 628.8 crore in the December quarter. , Meanwhile, Adani Group has been in the news in recent days after a US-based firm, Hindenburg Research, raised concerns about Adani Group shares in a report on January 24. Shares of Adani Group may fall from their current levels due to high valuations. It also accused the Adani Group of accounting fraud and stock manipulation. Adani Group responded to the report, saying it was not an attack on any specific company but a “calculated attack.”