India’s financial regulator SEBI has asked credit rating firms to share details on of all ratings of local loans and securities of entities under the Adani Group.

What Happened? The Securities and Exchange Board of India (SEBI), per an Economic Times report, asked several rating companies last week to provide the regulator information on outstanding ratings, outlook, and possible updates from any discussions with Adani Group officials.

It is worth noting that no Indian credit rating agency has updated their ratings of Adani Group companies since the bombshell report dropped by short-seller Hindenburg Research on January 24.

The companies part of the Adani Group conglomerate have shed between 21.7% and 77.47% in value over the past month, with Adani Total Gas losing the most value.

A sharp dip in share price of a company is among the ‘material events’ that rating agencies generally factor in to review a borrower’s rating and outlook, or put it under ‘rating watch’, per the ET report.

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Although domestic raters are yet to update their ratings on Adani companies, global firms the likes of S&P and Moody’s have changed the outlook on some of the Adani companies from ‘stable’ to ‘negative’, primarily due to a rapid decline in their market value.

Price Action: Here’s how Adani Group’s listed entities were performing at the bourses on Wednesday afternoon:

Adani Enterprises shares traded 8.88% lower at ₹1,429.40

Adani Green Energy was down 4.99% to trade at ₹539.30

Adani Ports & SEZ was down 4.43% to trade at ₹557.45

Adani Power shares hit a lower circuit at ₹162.60 after dropping 5%

Adani Total Gas shares traded 5% lower at ₹834.95

Adani Wilmar was down 5% at ₹390.35

Adani Transmission shares were down 5% to ₹788.75

Ambuja Cement shares traded 4.25% lower at ₹337.90. ACC shares traded 3.30% lower at ₹1,767.60

NDTV was down 4.84% to trade at ₹200.50