Adani Group stocks sink further after cut in revenue target, Moody’s downgrade

Moody’s Investors Service downgraded the outlook for Adani Green Energy and three other firms backed by Indian businessman Gautam Adani on Friday, citing the decline in the conglomerate’s stock market value.

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Adani Group companies suffered a decline in their stock prices on Monday after the revenue target was revised and four group firms were downgraded by Moody’s.

Adani Enterprises Ltd fell 7 percent, Adani Ports & Special Economic Zone 5.5 percent, Adani Total Gas 5 percent, Adani Green Energy 5 percent, Adani Transmission 5 percent, Adani Wilmar 5 percent, ACC Ltd 4 percent, Ambuja Cement 6 percent, Adani Power 5 percent, and NDTV 5 percent.

According to a Bloomberg report, the Adani Group has revised its revenue growth target to 15 percent to 20 percent for the next fiscal year, which is a significant drop from the earlier target of 40 percent. The report also stated that the group will scale back its capital expenditure plans to focus on financial stability over aggressive expansion.

Moody’s Investors Service downgraded the outlook for Adani Green Energy and three other firms backed by Indian businessman Gautam Adani on Friday, citing the decline in the conglomerate’s stock market value.