After days of negative sentiment and a massive crash in its stocks, the Adani Group has received some positive news in the last two days. After the adverse report by the US-based short-seller Hindenburg Research, international rating agency Fitch Ratings said there was no immediate impact on the ratings of the Adani entities and their securities.
A day after that, the prestigious Science Museum in London indicated it will continue its association with the Adani Group. The Science Museum, which is due to open this year, is sponsored by the Adani Group's Adani Green. This sponsorship was announced in 2021.
The focus is back on this association as Adani has come under a lot of scrutiny after Hindenburg's scathing report. A spokesman for the Science Museum said the sponsorship will continue.
The Gallery, which opened in late 2023, will explore the latest climate science and energy revolution needed to cut global dependence on fossil fuels and achieve Paris Agreement targets to limit global warming. 5 degrees Celsius are above pre-industrial levels.
The shares of several group companies crashed nearly 60 per cent in just seven sessions, as the Adani Group was rocked by fraud allegations by Hindenburg.
A statement from the rating agency calmed the highly volatile markets. The statement said that there was no immediate impact on the ratings of the Adani companies and it expected no material changes to its forecast cash flow.
The statement said there were no near-term significant offshore bond maturities earliest in June 2024 for Adani Ports and Special Economic Zone Limited, December 2024 for Adani Green Energy Limited and 2026 or beyond for all other entities reducing refinancing risks and near-term liquidity risks.