Adani Crisis: Moody's cuts outlook of 4 Adani group entities to 'negative'

Updated : Feb 13, 2023 13:10
|
Editorji News Desk

Moody's Investors Service has changed the outlook for 4 of Adani group entities from stable to negative. However, Moody's has affirmed its rating on 8 Adani group companies.

The outlook has been changed to 'negative' for Adani Green Energy, Adani Green Energy Restricted Group, Adani Transmission Step-one Adani Electricity Mumbai Ltd 

Moody's said that the negative outlook for Adani green factors in the company's significant refinancing needs of around $2.7 billion by March 2025 and limited headroom to manage any material increase in funding costs.

The change in outlook comes on the back of a rapid decline in the stock value of the Adani Group companies post the release of the Hindenburg research report which made a slew of allegations including stock price manipulation and corporate governance issues within the group. The Adani group has strongly denied the allegations in a 400 page response to the report. 

HindenburgAdaniAdani GroupMoody's

Recommended For You

editorji | World

New Zealand falls into recession with abrupt economic slowdown

editorji | Business

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

editorji | Business

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

editorji | Business

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

editorji | Business

Gold Imports surge in November: Commerce Ministry examining data for any calculation error