The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission, which have collapsed in value.
While the Adani Group has vehemently denied the allegation made by Hindenburg Resarch as “baseless” and “malicious,” investors remain unconvinced.
Adani companies will be reporting quarterly results this week.
Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital.
Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital.