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Adani's problems may increase,Moody says will be problems in raising money; Finance Secretary says – ‘This is a tea cup storm’
Moody's Investors Service on Friday warned that the group's ability to raise capital could be affected by a sharp drop in shares of Adani group companies. However, another rating agency, Fitch, said its rating of Adani's companies would not be affected yet.
American research firm Hindenburg has accused the Adani-led group of engaging in stock manipulation and fraud. After this accusation of the company, the shares of the group companies are continuously falling. However, Adani Group has denied all such allegations. But in almost a week, the value of Adani Group's listed companies has decreased by more than 100 billion dollars.
Moody's said it was keeping an eye on the whole case after the big and sharp fall in the share prices of Adani group companies following the Hindenburg report. Our focus is on assessing the financial strength of the group companies included in the rating and their their cash position. We are also looking at their debt collection capacity. Moody's said these adverse developments will reduce the group's ability to raise capital for investments or repayment of maturing debt over the next one-two years.
Finance Secretary TV Somnathan said on Friday that the stock market crash caused by the steep fall in Adani Group shares is a storm in a cup of tea. This is an idiom that means to show anger and concern over a matter that is not important. Somnathon, senior most officer of the finance ministry, told that the upturn in the stock market is not a matter of concern for the government.
He said that there is a mechanism in place to take necessary steps in this regard. The valuation of Adani Group companies has fallen by $100 billion in the last ten days. Shares of Adani Enterprises have so far tumbled 70 percent from their December highs.
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