Moody's changes outlook of four Adani Group companies to 'negative'

In a release, it said it has changed the outlook on companies to negative from stable, while maintaining the stable outlook on other four companies.

Outlook has been changed to negative from stable for Adani Green Energy Limited (AGEL), Adani Green Energy Restricted Group (AGEL RG-1), Adani Transmission Step-One Limited (ATSOL), Adani Electricity Mumbai Limited (AEML).

Outlook has been kept stable for Adani Ports and Special Economic Zone Limited (APSEZ), Adani Ports and Special Economic Zone Limited (APSEZ), Adani International Container Terminal Private Ltd (AICTPL), Adani Green Energy Restricted Group (AGEL RG-2) - comprising Wardha Solar (Maharashtra) Private Limited, Kodangal Solar Parks Private Limited and Adani Renewable Energy (Rj) Limited.

It has also been kept stable for Adani Transmission Restricted Group 1 (ATL RG1) - comprising Barmer Power Transmission Service Limited; Raipur-Rajnandgaon-Warora Transmission Ltd; Sipat Transmission Limited; Thar Power Transmission Service Limited; Hadoti Power Transmission Service Limited; ChhattisgarhWR Transmission Limited.

"These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the Group," the release said.

Over the past week, share prices of companies in the Adani Group have dropped significantly. The report alleged stock manipulation and fraud by the conglomerate.The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie".

The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer.

Adani Group on January 29, in a long 413-page report, said the recent report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions.

"This is not merely an unwarranted attack on any specific company but a "calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it said. (ANI)