Adani Enterprises Falls Despite Record CARE Rating Upgrade

got its best-ever credit rating on October 7, yet the stock fell sharply today. CARE Ratings upgraded its long-term rating to AA (Stable) from AA- (Stable), the highest in the company's history, and reaffirmed the short-term rating at A1+. The shares were at ₹2,554.10 on the NSE at 1:13 PM, down 6.89% on the day. This is an intraday price, not the close. The upgrade rests on real balance-sheet changes. CARE cited the ₹15,000 crore QIP completed in July 2026 and the agreement to sell a 5.54% stake in Adani Airports Holdings at a pre-money valuation of about ₹1.67 lakh crore. The airport arm is due to receive roughly ₹9,825 crore. CARE also expects stronger earnings ahead. It points to Kutch Copper stabilising, growing non-aero revenue at airports and the ramp-up of Navi Mumbai International Airport. The stock is at a five-month low. It is at its lowest level since May 14, 2026, and has fallen about 13% in six sessions. The whole group is under pressure. Adani Group stocks fell as much as 7%, with Adani Green Energy and Adani Power also sold. The market is focused on macro factors. The RBI's rate hike to 5.50% and elevated global yields are weighing on companies with heavy borrowing and capex plans. Reports mention a capex plan of about ₹1.33 lakh crore through 2029, which makes higher rates matter more.