Securities and Exchange Board of India (SEBI), the Indian capital markets regulator, has sought details of all ratings of local loans and securities of Adani group companies from credit rating firms amid the ongoing crisis that has hit the conglomerate since the release of the Hindenburg report. The SEBI reportedly told the rating agencies last week to share such information on Adani Group.
SEBI dials regulation on Adani Group: What is the relevance of Adani group’s loans and securities?
Sources aware of the matter told media that the Indian capital markets regulator is attempting to find out whether the ongoing fall will affect the debt repayment capabilities of Adani Group-linked companies.
“SEBI is probably trying to ascertain whether the sharp fall in stock prices of several Adani companies would have any bearing on the liquidity positions and the debt repayment capability of the borrowing companies. Most of this information, however, is in the public domain,” a person aware of the communication from the regulator was quoted as saying by Economic Times.
Unchanged credit ratings amid Adani group’s sharp fall in stock market indices
The ratings of the Adani companies have remained unchanged since January 24 when the New York short seller Hindenburg Research released its report that alleged accounting fraud as well as stock price manipulation by the group.
The stocks of Adani companies, however, have bled the stock listing indices in India since January 24. Between January 25 and February 21, the stocks of 10 Adani listed companies dropped between 28.1 per cent and 78.8 per cent, with Adani Total Gas falling the most (78.8 per cent), followed by Adani Green Energy (72.4 per cent) and Adani Transmission (71.7 per cent).
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