Moody’s Investors Service on Friday said it is assessing overall financial flexibility, including liquidity position, of Adani Group firms given a significant and rapid decline in stock value post release of the Hindenburg Research report.
“These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years,” Moody’s said.
Adani Group stocks have taken a beating on the bourses after US-based short-seller Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
