Mumbai: The process of falling upside down of the companies of the Adani group on the stock market continues. One of the main reasons behind their downfall today is Moody’s mockery of the group. Moody’s Investors Service has downgraded the credit outlook for four Adani Group companies to negative from stable following a sharp drop in market valuation. The share price of group companies has fallen sharply following the report by US short seller Hindenburg Research.
Moody’s said in a statement on Friday that the credit outlook for Adani Green Energy Limited, Adani Green Energy Restricted Group, Adani Transmission Step-One Limited and Adani Electricity Mumbai Limited was changed to negative from stable. Moody’s said: “This step was taken in view of the significant decline in the market capitalization of group companies following allegations of fraud and manipulation in the Hindenburg Research report.”
The market capitalization of Adani group companies has decreased by $100 billion since the Hindenburg Research report came out. Moody’s said it has affirmed the ratings of eight Adani Group companies. However, the rating of Adani Ports and Special Economic Zone Ltd. (APSEZ) and Adani International Container Terminal has remained at ‘Stable’.
There are no changes to the outlook for Adani Green Energy Restricted Group (AGEL RG-2) and Adani Transmission Restricted Group 1 (ATL RG-1). Moody’s has clarified that it is unlikely to upgrade the credit rating of these four companies in the near future due to the negative outlook.
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