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.

The move by President Anura Kumara Dissanayake’s government comes after the US indicted Gautam Adani for bribery and Kenya cancelled deals with the group.

Colombo: Sri Lanka has opened an investigation into the local investments of India's Adani Group in the wake of US bribery charges against its tycoon founder, government spokesman Nalinda Jayatissa said Tuesday.

Adani Group's troubles deepened on Tuesday as two more credit rating agencies cut their outlook for the Indian conglomerate, whose billionaire founder Gautam Adani has been charged by U.S. authorities over an alleged $265 million bribery scheme.

For the new government, acting upon deals with Adani is more than a legal or economic issue. It is a test of its commitment to fighting corruption.

Several Adani group firms have been put on negative rating watch by Fitch as Sri Lanka said it has called for reports on the group's projects in the country following bribery charges being filed in the US linked to a solar project in India.

Sri Lanka should be vigilant about the Adani power project in the island, experts said, after Federal prosecutors in New York indicted Group Chairman Gautam Adani and seven others on multiple counts o

(Reuters) - A U.S. agency that agreed to lend more than $500 million to a Sri Lanka port development backed by the Adani Group said it is still conducting due diligence on the project in the wake of bribery allegations against the group's billionaire founder Gautam Adani and other top executives, Bloomberg News reported on Sunday.

The U.S. agency is performing due diligence on Adani Group's involvement in a Sri Lanka project. Bloomberg News suggests this oversight reflects the project's significance and potential implications for U.

By Scott Murdoch and Tom Westbrook (Reuters) -Ratings agency Fitch has put some Adani Group bonds on watch for a possible downgrade after U.S. authorities indicted some key executives of the Indian conglomerate on bribery charges.

Ratings agency Moody's said on Tuesday that it has cut the outlook on the ratings of seven Adani entities to 'negative' from 'stable', citing the US indictment of Chairman Gautam Adani and others on alleged bribery charges,