nt2q8sf4 adani group generic reuters 625x300 03 February 23

New Delhi:

S&P Global Ratings on Friday the outlook on Adani Ports and Adani 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 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 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 the rating outlook on Adani 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.)

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