Rating action follows the rapid fall in the value of the companies’ equity, according to Moody’s.
New Delhi:
Moody’s Investor Service on Friday downgraded the rating outlook for four Adani Group companies from stable to negative after a significant and rapid drop in market value following a report from US-based shortseller Hindenburg Research.
In a statement, Moody’s said that the rating outlook for Adani Green Energy Ltd, Adani Green Energy Restricted Group, Adani Transmission Step-One Ltd and Adani Electricity Mumbai Ltd has been changed from negative to stable.
“These rating actions follow the significant and rapid decline in the equity value of the Adani Group companies following the recent release of a short-seller report highlighting concerns about governance in the group,” the company said. .
(This story has not been edited by DailyExpertNews staff and is auto-generated from a syndicated feed.)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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