Rating agency Fitch observed that two Adani Group stocks—Adani Transmission Ltd and Adani Ports and Special Economic Zone—are exposed to "heightened contagion risks".
According to the rating agency, weak governance at the parent conglomerate and other companies in the group are affecting the financial flexibility of these two companies.
In a statement, Fitch said the two companies "would be capped at current rating level of 'BBB-/Stable' till alleged concerns are ironed out."
The rating agency, which in February said despite Hindenburg Research's allegations against the conglomerate there would not be any immediate impact on its rating of the group's stocks, said there is no rating impact even now.
Fitch said contagion risk was lower for restricted groups including Adani Electricity Mumbai Ltd and Mumbai International Airport, as their credit profile was supported by "structural enhancements," reported Reuters.
Adani Group's gross debt has doubled in the last four years. It has almost $2 billion worth of foreign-currency bonds coming up for repayment in 2024, according to its regulatory filing.
The group's gross debt has grown from Rs 1.11 lakh crore in 2019 to Rs 2.21 lakh crore in 2023, according to a presentation made to investors last month.
—With PTI inputs
