At the same time, Moody's has changed the outlook on four issuers to negative from stable, while maintaining the stable outlook on other four companies.

The eight companies affected are:

1. Adani Green Energy (AGEL) - Ba3 ratings affirmed; outlook changed to negative from stable

2. Adani Green Energy Restricted Group (AGEL RG-1) comprising Adani Green Energy (UP); Parampujya Solar Energy ; Prayatna Developers - Ba2 ratings affirmed; outlook changed to negative from stable

3. Adani Transmission Step-One (ATSOL) - Baa3 ratings affirmed; outlook changed to negative from stable

4. Adani Electricity Mumbai (AEML) - Baa3 ratings affirmed; outlook changed to negative from stable

5. Adani Ports and Special Economic Zone (APSEZ) - Baa3 ratings affirmed; outlook remains stable

6. Adani International Container Terminal (AICTPL) - Baa3 ratings affirmed; outlook remains stable

7. Adani Green Energy Restricted Group (AGEL RG-2) comprising Wardha Solar (Maharashtra), Kodangal Solar Parks and Adani Renewable Energy (Rj) - Ba1 ratings affirmed; outlook remains stable

8. Adani Transmission Restricted Group 1 (ATL RG1) comprising Barmer Power Transmission Service ; Raipur-Rajnandgaon-Warora Transmission ; Sipat Transmission ; Thar Power Transmission Service; Hadoti Power Transmission Service; Chhattisgarh WR Transmission - Baa3 ratings affrmed; outlook remains stable.

These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the Group.