Adani bonds fall, Vedanta's issue may also face delay
Adani Group bonds fell 5-10 cents Thursday after a US court indicted chairman Gautam Adani and senior executives over allegations of paying $265 million in bribes to secure solar power contracts in India.
Adani Green Energy’s March-issued bond offering 6.7% dropped as much as 15 cents, trading at 78/ 79 cents on the dollar in the early trades. This saw some recovery and closed at 82/83 cents from 94 cents Wednesday
This was their steepest decline since February 2023 when Hindenburg Research accused stock manipulation, which the group had denied.
Adani Electricity Mumbai bonds fell to 82/84 cents on the dollar Thursday, down from 88 cents the previous day, as investors reacted to legal challenges facing the group.
Bonds issued by Adani Ports and Special Economic Zone (APSEZ) declined to 87 cents, compared to 93 cents Wednesday.
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