Indeed, Indian banks make up 0.6% of the group's sector loans, according to JPMorgan.
This may seem low but the total exposure to the Adani Group is still around $9 billion, wrote Saurabh Kumar, an analyst at JPMorgan.
Gautam Adani, chairman of Adani Group.
Jefferies analyst Prakhar Sharma writes that, for now, the risk to Indian banks is low, saying, "we don't see material risk to the Indian banking sector."
Of the seven companies operated by the Adani Group: Adani Green Energy, Adani Power and Adani Ports are sitting on the most net debt, according to analysts.