New Delhi: Moody's Ratings on Thursday said it will look at Adani group's governance practices when assessing the ports-to-energy conglomerate's ability to access capital in the aftermath of indictment of the group head Gautam Adani on bribery charges.
"The indictment of Adani Group's chairman and other senior officials on bribery charges is credit negative for the group's companies," Moody's Ratings said in a statement.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts.
"Our main focus when assessing Adani Group is on the ability of the group's companies to access capital to meet their liquidity requirements and on its governance practices," Moody's said.
Adani Group stocks experienced a sharp decline on Thursday with the combined market value of all listed companies dropping by Rs 2.45 lakh crore. The slump followed charges against the billionaire by US prosecutors for his alleged involvement in a bribery scheme worth USD 250 million.
The accusations claim that Adani paid bribes to Indian officials in exchange for favourable terms on solar power contracts. As a result, the shares of Adani Enterprises fell by 22.9 per cent, Adani Ports by 20 per cent, Adani Energy Solutions by 20 per cent, Adani Green Energy by 19.53 per cent, and Adani Total Gas by 18.14 per cent.
