Reported about 16 hours ago
S&P Global Ratings has downgraded its outlook on three Adani Group entities from stable to negative, citing potential funding risks following the U.S. indictment of founder Gautam Adani on bribery charges. Adani and several associates were accused of participating in a fraud scheme involving $265 million to bribe officials for power-supply contracts. The news has prompted concerns about the group's access to funding, leading to a drop in the value of its bonds and stocks.
Source: YAHOO