Days after financial contagion spread in custom parking signs australia after Adani Group’s crisis worsened, Uday Kotak has said that he does not see a systemic risk to the Indian financial system.

The chairman of the Kotak Mahindra Bank alluded to the Adani Group turmoil in a tweet on February 5 noting that he does not see systemic risk to Indian financial system from recent events. However, large Indian corporates rely more on global sources for debt and equity finance, he added.

”This creates challenges and vulnerabilities. Time to further strengthen Indian underwriting and capacity building,” Kotak noted.

The Adani Group crisis was triggered by a Hindenburg Research report released last week in which the American short-selling firm accused the Adani Group of stock manipulation and unsustainable debt. The company has refuted the allegations.