The U.S. rating company said it will monitor the U.S. investigations closely, the outcome of which could reflect significantly weaker corporate governance practices at the Indian conglomerate.

Sri Lanka is weighing U.S. bribery accusations against Adani Group and Fitch put some company bonds on a watch list for a possible downgrade, as fallout widens from indictments of some key executives of the Indian conglomerate.

Fitch Ratings has placed several Adani Group bonds on "watch negative" following the U.S. indictment of key executives from the Indian conglomerate on bribery charges. This includes bonds from Adani Energy Solutions Ltd,

Fitch downgraded the outlook on some Adani bonds to negative. US authorities indicted Adani executives on bribery charges. TotalEnergies paused Adani investments. Adani denies the allegations. Adani bond prices stabilized after initial falls.