Moody's arm ICRA has said it is monitoring any impact on its rated portfolio in the Adani group following the fall in the Indian conglomerate's shares.
ICRA, a unit of ratings agency Moody's, on Wednesday said it was monitoring the impact on its rated portfolio of recent developments in Indian conglomerate Adani Group, whose shares declined following reports of US short-sellers.
Listed companies of the group founded by tycoon Gautam Adani have lost $86 billion since last week, when Hindenburg Research accused the group of using tax havens and flagging concerns over high debt levels. Adani Group has denied the allegations.
ICRA-rated Adani group entities have no immediate refinance requirement, but requirements are expected for some entities from FY2025.
The firm said Adani Group's large debt-funded capex program remains a major challenge, and some of the planned capex is discretionary in nature and may be deferred depending on its liquidity position.
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