Ratings agency Fitch said two Adani Group subsidiaries were exposed to "heightened contagion risks", possibly affecting their financial flexibility, due to weak governance at the parent conglomerate and other companies in the group. Adani Transmission Ltd and Adani Ports and Special Economic Zone "would be capped at current rating level of 'BBB-/Stable' till alleged concerns are ironed out," Fitch said …
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 …
The crisis engulfing Indian billionaire Gautam Adani’s corporate empire has started dragging down a broader range of assets tied to the world’s fastest-growing major economy. Contagion from the $100 billion wipe-out in Adani group’s stocks following a scathing report from Hindenburg Research last week has helped push the MSCI India Index to the brink of a technical correction. “The long-term …
