Azure Power Global’s dollar bonds were downgraded to BB and Ba3 by Fitch and Moody’s respectively. The downgrades came over concerns regarding Azure’s corporate governance and compliance after the management failed to disclose overdue audited financial results. The company had said last August, that it was not in a position to file its annual reports for the fiscal year ending 31 March 2022 due to “ongoing review of its internal control and compliance framework”. The company could be delisted from the NYSE if it fails to report the consolidated statement after January, when the six-month grace period ends. Azure Power’s audit committee was said to have identified evidence of manipulation of project data and information by certain employees after a whistleblower complaint in May.

Azure Power’s USD 3.575% 2026s were trading flat at 78.75, yielding 12.25%.

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