The Gautam Adani Group is on the backfoot following a report by Hindenburg Research. However, now Fitch Ratings has given good news to Adani Group. Fitch Ratings said the episode will not have an immediate impact on the ratings of Adani group companies or securities. Fitch expects no major changes to Adani Group’s cash flow forecast.
The rating agency said – there is no major offshore bond maturity in the short term. The bonds of Adani Ports and Special Economic Zone are due to mature in June 2024. At the same time, the bond maturity of Adani Green Energy is in December 2024. Fitch currently has ratings on 8 Adani Group companies.
Explain that American firm Hindenburg Research has accused the group led by Gautam Adani of involvement in stock manipulation and accounting fraud. After this allegation of the company, the shares of the group companies are continuously falling.
Dow Jones shock: Meanwhile, S&P Dow Jones has said that it will remove Adani Enterprises from its ‘Stability Index’ from February 7. Dow Jones has taken this decision in the wake of three Adani Group companies including Adani Enterprises coming under the short-term Additional Monitoring System (ASM) of stock exchanges BSE and NSE. Apart from Adani Enterprises, Adani Ports & SEZ and Ambuja Cements have also come under the purview of the ASM format.
