SINGAPORE: Ratings agency Moody’s unit ICRA on Wednesday said it was monitoring the impact of recent developments on its rated portfolio in Indian conglomerate Adani Group, whose stocks have plunged after a report by a U.S. short-seller.

Listed companies of the conglomerate founded by tycoon Gautam Adani have lost $86 billion since last week after Hindenburg Research accused the group of using tax havens and flagged concerns on high debt levels. Adani Group has denied the allegations.

Adani loses Asia’s richest crown as stock rout deepens to $86bn

ICRA-rated Adani Group entities do not have any immediate refinancing requirements, but requirements are expected for some entities from fiscal year 2025 onwards, it said.

The firm said the Adani Group’s large debt-funded capex programme remains a key challenge, and some of the planned capex is discretionary in nature and could be deferred depending on its liquidity position.