Most Adani Group stocks trade in the green; check latest developments

Shares of most Adani Group listed companies were trading in positive territory on Monday, March 10, despite Fitch Ratings keeping its outlook negative for its group firm, Adani Energy Solutions Limited. In its report, the Fitch also said the group's liquidity and funding requirements have moderated.

“Adani Group has demonstrated adequate funding access since the US indictment of certain board members of another group entity, Adani Green Energy Limited (AGEL), on 20 November 2024,” the ratings agency said in a note on March 9, 2025.

Fitch Ratings has also removed Adani Energy Solutions Limited (AESL) from rating watch negative and maintained a negative outlook for the firm. “The outlook reflects our view that the proceedings and outcome of the US investigations could reveal that the group's corporate governance practices are weaker than we expected and lead to negative rating action in the near to medium term,” Fitch explained in its note.

Fitch, in its report, stated that it had assessed the indictment for alleged securities and wire fraud, which reflects a corporate governance risk for AESL. It explained that a conviction or any indication of weaknesses in Adani Group entities' governance practices and internal controls that may come to light as part of the process could put pressure on the ratings.

“We believe the proceedings and the outcome of the US investigations could hamper the group's funding access. This could affect AESL's growth plans significantly, although it has some flexibility in its capex plans,” the ratings agency said.

Meanwhile, last week the NCLAT had issued a notice to Adani Group entity Ambuja Cements over a plea by Alok Sanghi, former promoter of Sanghi Industries, which was acquired by Ambuja in 2023.

Passing an interim order on March 4, the appellate tribunal has stayed the order of the Ahmedabad bench of NCLT which had directed initiation of insolvency proceedings against Alok Sanghi, saying, "In pursuance of the impugned order, no further steps shall be taken." The National Company Law Appellate Tribunal (NCLAT) granted two weeks’ time to Ambuja Cements and directed to list the matter on April 14, 2025.