Adani crisis ignites India contagion fears, credit warnings
1 year, 10 months ago

Adani crisis ignites India contagion fears, credit warnings

Al Jazeera  

Amid concerns turmoil could over into broader financial system, India’s central bank has asked lenders for loan details, sources say. Financial contagion fears spread in India on Friday as Adani Group’s crisis worsened, with ratings agency Moody’s warning the conglomerate may struggle to raise capital and S&P cutting the outlook on two of its businesses. Moody’s warned the share plunge could hit the Adani Group’s ability to raise capital, although fellow credit ratings agency Fitch saw no immediate effect on its ratings. India’s divestment secretary Tuhin Kanta Pandey told Reuters that Life Insurance Corp shareholders and customers should not be concerned about its exposure to the Adani Group. Hindenburg’s report said key listed Adani companies had “substantial debt” and shares in the seven listed firms had a downside of 85 percent due to what it called sky-high valuations.

History of this topic

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1 week, 6 days ago
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3 weeks, 6 days ago
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4 weeks ago
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4 weeks, 1 day ago
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1 month ago
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1 month ago
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