NEW DELHI: Sustainanalytics has downgraded the ESG scores of many Adani group companiesLast month, following a short-seller report raising concerns about corporate governance at the group.
Score for “Business ethics controversy” Adani The rating agency on Wednesday said Total Gas Ltd and Adani Transmission Ltd were downgraded to “medium” from “low”. The score is designed to reflect the risk to investors of controversy arising from weak business ethics.
Adani Green Energy Limited, which previously had no score, was given a “moderate” rating. Adani Enterprises Ltd’s “Important” score remained unchanged, but its outlook on that sector was raised to “Negative” from “Neutral”.
Adani Group Market value has declined by more than $100 billion since Hindenburg Research alleged stock manipulation and accounting fraud in a January 24 report. Selling is expected to intensify as active investors rush to sell ahead of passive funds, as index providers and ESG rating firms keep companies under review.
MSCI Inc. New Delhi on Wednesday said it is reviewing how many shares linked to the Adani group are considered freely tradable in public markets, which could affect its inclusion in major indices, marking another round of sales. Possible trigger. S&P Global said last week it was removing Adani Enterprises from its Dow Jones Sustainability Index.
Score for “Business ethics controversy” Adani The rating agency on Wednesday said Total Gas Ltd and Adani Transmission Ltd were downgraded to “medium” from “low”. The score is designed to reflect the risk to investors of controversy arising from weak business ethics.
Adani Green Energy Limited, which previously had no score, was given a “moderate” rating. Adani Enterprises Ltd’s “Important” score remained unchanged, but its outlook on that sector was raised to “Negative” from “Neutral”.
Adani Group Market value has declined by more than $100 billion since Hindenburg Research alleged stock manipulation and accounting fraud in a January 24 report. Selling is expected to intensify as active investors rush to sell ahead of passive funds, as index providers and ESG rating firms keep companies under review.
MSCI Inc. New Delhi on Wednesday said it is reviewing how many shares linked to the Adani group are considered freely tradable in public markets, which could affect its inclusion in major indices, marking another round of sales. Possible trigger. S&P Global said last week it was removing Adani Enterprises from its Dow Jones Sustainability Index.