Moody’s Investors Service Changed the Rating of 4 Companies of Adani Group
Moody’s Investors Service on Friday, February 10, has downgraded the rating of four out of eight Adani Group companies to negative from stable, which has a direct impact on the group’s ability to raise funds in the short term. . It is being told that this is only after a report by US-based Short Seller Hindenburg Research has led to a significant and rapid drop in market value.
The reason given by Moody’s for giving this rating is that the global rating agency Moody’s Investor Service has downgraded these stocks after suffering huge losses in the stock market in the wake of allegations of stock manipulation and accounting fraud by the United States-based firm Hindenburg Research then gave this rating to Adani Groups.
MSCI (Morgan Stanley Capital International) has reduced the free float weight of Adani Enterprises by 10 basis points to 0.15 per cent.
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