Sustainalytics downgraded corporate governance-related scores for three of India's Adani Group companies on ethics concerns, the sustainability ratings company said on Wednesday, citing questions a short-seller raised last month.
Other ESG ratings firms and index providers have revisited Adani in recent weeks. S&P said last week it would remove Adani companies from its Dow Jones Sustainability Indexes.
Among its downgrades this month, Sustainalytics assigned Adani Green Energy a "moderate" business ethics controversy score, citing the accounting issues, where no score was placed previously. Adani Total Gas Ltd and Adani Transmission Ltd also were judged to have a "moderate" business ethics controversy score, worse than previous "low" scores.
"The increasing financial and reputational risks stemming from the report by Hindenburg Research, as well as previous investigations and inquiries into the company’s activities, contribute to the negative outlook," Sustainalytics' report stated.
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