Shares of Adani group of companies are declining in the trading session with with flagship company Adani Enterprises falling above 7%.
The Group's shares also fell in morning trade on Monday, with Adani enterprises falling over 4 per cent after credit rating firm Moody's revised the rating outlook on four companies of the conglomerate to 'negative' from 'stable'.
The ratings agency cited the ‘rapid decline in the market equity values’ of the conglomerate’s firms following a report by US firm Hindenburg Research.
Adani group companies have lost USD 100 billion in market value since the US short-seller Hindenburg Research came out with a damning report alleging fraud at the conglomerate helmed by Gautam Adani.