Fitch Ratings said there is no immediate impact on the ratings of the Fitch-rated Adani entities and their securities following a report from a short-seller alleging malpractices at India’s Adani group and expects no material changes to its forecast cash flow.

"There are also no near-term significant offshore bond maturities – earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable); December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and 2026 or beyond for all other entities – reducing refinancing risks and near-term liquidity risks," the report isued on Friday said.

The ratings agency said it will closely monitor any major changes to the rated entities’ access to financing or cost of financing on a long-term basis, unfavourable regulatory/legal developments or ESG-related matters that could affect credit profiles.

(Writing by Brinda Darasha; editing by Daniel Luiz)