NEW DELHI (Reuters) – Ratings agency Moody’s unit ICRA on Friday revised the outlook for Adani Group’s ports and energy businesses to negative from stable, citing a deterioration in the Indian conglomerate’s “financial flexibility”.
The outlook turned negative for the Adani Ports and Special Economic Zone Ltd and Adani Total Gas Ltd, following a sharp decline in share prices and an increase in the yield of international bonds raised by the Adani group entities, ICRA said.
(Reporting by Munsif Vengattil; Writing by Shivam Patel; Editing by Anil D’Silva)
