New Delhi:
S&P Global Ratings on Friday revised the outlook on Adani Ports and Adani Electricity to negative from stable, while affirming the ratings.
A U.S. short-seller report said Adani Group had significant governance issues, many of which were related to disclosure and actions at the shareholder level, leading to sharp falls in the stock and bond prices of Adani Group entities.
The company has responded to the allegations and has decided to return funds from its $2.4 billion fully subscribed shares in the promoter’s flagship Adani Enterprises Ltd due to market volatility.
“Investors’ concerns about group governance and disclosures could be greater than we currently factor in our ratings, or new investigations and negative market sentiment could lead to higher costs of capital and reduced access to financing for rated entities,” S&P said in a statement. said the statement.
As a result, it revised the rating outlook on Adani Electricity and Adani Ports from stable to negative.
“We maintain our issuer and issue ratings on these entities as their business fundamentals are intact, with ample near-term liquidity and manageable debt maturities over the next 12 months,” it added.
Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani group company.
(Aside from the title, this story is unedited by NDTV staff and published via a syndicated feed.)
Featured Video of the Day
Budget 2023: New vs old tax system – see what’s changed