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.
The lowered scores, including for Adani Green Energy and Adani Transmission, come after a Jan. 24 report from short-seller Hindenburg Research alleged accounting fraud and stock manipulation at the sprawling Indian conglomerate, hammering the shares of its listed companies and the wealth of founder Gautam Adani.
Representatives for Sustainalytics, a unit of Morningstar Inc, said its clients received research this month elaborating on the downgrades.
