Two months after Hindenburg report, Fitch affirms 'BBB-' rating on Adani Ports with stable outlook1 min read 23 Mar 2023, 09:44 PM IST
The Hindenburg report had alleged ‘brazen stock manipulation and accounting fraud’ and use of offshore shell companies to inflate stock prices. The group has denied all Hindenburg allegations, calling them ‘malicious’, ‘baseless’ and a ‘calculated attack on India’.
Fitch Ratings on Thursday affirmed its 'BBB-' rating on Adani Ports and Special Economic Zone Limited with a stable outlook. The development comes exactly two months after a report by US-based Hindenburg Research triggered a massive rout in Adani Group stocks and bonds. The ratings agency said that the the controversial report has a limited near-term impact on APSEZ's cost of funding.
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