CARE Upgrades Adani Enterprises to AA; Stock Falls Despite Upgrade
CARE Ratings has upgraded Adani Enterprises’ long-term rating to CARE AA with a stable outlook, from AA minus with a stable outlook. It is the highest rating in the company’s history.
The upgrade, announced on October 7, covers bank facilities exceeding Rs 26,000 crore. The short-term rating was reaffirmed at CARE A1 plus.
The agency linked the upgrade to improved financial flexibility following the Rs 15,000 crore qualified institutional placement in July 2026 and the planned sale of a 5.54 per cent stake in Adani Airports Holdings at a pre-money valuation of Rs 1.67 trillion.
Despite the upgrade, the stock fell about 7 per cent in intraday trade on October 8, closing near Rs 2,554. Analysts said the fall reflected broader selling pressure across Adani Group stocks amid weak market sentiment.
The stock is down about 20 per cent from its 52-week high. The company’s second-quarter results are expected later this month.
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