Punjab Nationwide Financial institution (PNB) will not be involved by the continuing tussle involving the Adani group and Hindenburg Analysis because the conglomerate has simply Rs 7000 crore of loans from the financial institution, mentioned financial institution’s MD Atul Kumar Goel mentioned in a press convention.
Whereas the financial institution has stabilized on the entrance of non-performing belongings within the final couple of quarters, it’s but to recuperate from the extreme blow of the willful default by fugitive diamantaires Nirav Modi and Mehul Choksi. At such a juncture, uncertainties hovering over the Adani group are worrying financial institution analysts, and the query arises, “Is PNB heading in direction of different willful defaults?”
MD Goel clarifies whereas addressing the press convention after the quarterly outcomes, saying, “We don’t have a lot to fret concerning the reviews, as Adani group has simply round Rs 7000 crore loans (from PNB), out of which Rs 2000 crore is assigned for his or her airport tasks. Furthermore, the vast majority of the quantity is backed by money circulation.”
A latest report by Hindenburg Analysis levied severe allegations upon the Adani Group and claimed that the conglomerate is “engaged in a brazen inventory manipulation and accounting fraud scheme over the course of a long time”. The share worth of the corporate plunged after the report got here out.
Though, the Adani group has discarded all such allegations and in addition mentioned that they’ll take authorized motion towards the analysis agency.
In a latest interplay with Zee Enterprise, Madhusudan Kela, founding father of MK Ventures, additionally mentioned, “I discover the timing of the report back to be suspicious. The query that arises right here is — why was such a report revealed proper earlier than the discharge of the FPO and simply three days earlier than the funds?”
The gross non-performing belongings (NPAs) of the banks as a proportion of complete loans got here in at 9.76 per cent for the quarter that ended December 2022, as towards 10.48 per cent for the earlier three months and 12.88 per cent for the quarter that ended December 2021.
Hindenburg report has alleged that Adani is camouflaging his fraudulent actions within the identify of nationalism.
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— Zee Enterprise (@ZeeBusiness) January 30, 2023