Adani Group Under Scrutiny: Bribery Charges Impact

Moody's Ratings is assessing the Adani Group's governance practices following bribery charges against its leader, Gautam Adani. These charges could negatively impact the group's credit rating, raising concerns about their ability to access capital. Adani allegedly paid a significant bribe to obtain favorable solar power contracts.

Moody's Ratings announced on Thursday that they will closely examine the governance practices of the Adani Group, ranging from its ports to energy ventures, in light of bribery charges against the group's head, Gautam Adani.

Moody's labeled the indictment of Adani Group's chairman and senior officials as credit negative for the companies within the group, highlighting potential risks to their financial stability.

Billionaire Gautam Adani is accused by US prosecutors of orchestrating a plan to offer over USD 250 million in bribes to Indian officials for preferential terms in solar power contracts. Moody's will focus on the group's liquidity needs and governance in their assessment.

(With inputs from agencies.)