After the indictment by the US Securities and Exchange Commission (SEC), the rating agency Fitch has revised the outlook on four Adani group firms from “stable” to “negative”.
The Telangana government has refused Rs 100 crore donation from the Adani Foundation for the Young India Skills University following the recent fraud charges brought by the US against the billionaire.
Adani Group Chief Financial Officer (CFO) Jugeshinder Singh on Saturday addressed the ongoing controversy surrounding allegations of fraud against the group, clarifying that the allegations pertain to a single contract involving Adani Green Energy
The Lok Sabha was adjourned for the day amid uproar by the opposition parties on various issues. The Lower House will meet again at 11 am on Wednesday.
In a post on X, Singh said none of the group’s 11 public companies or their subsidiaries are defendants in the case filed by the US Department of Justice (DoJ), nor are they accused of wrongdoing.
Despite the reports, Adani Group’s market capitalisation gained over Rs 11,000 crore on Wednesday, taking its total market capitalisation to $200 billion (more than Rs 16.9 lakh crore).
Last month, it infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6 to 66.7 per cent.
AGEL currently has an operating portfolio of 10,934 megawatts, and is targeting 45 GW of renewable energy capacity by 2030.
For the first time since the Hindenburg crisis, the Adani Group met with investors in Singapore, marketing an overseas bond to bolster investor confidence around its businesses before fresh bond sales.
According to sources, the Adani Group is likely to explore partnerships with major Indian vehicle manufacturers to further build the fleet in the key sunrise sector.
