Dollar bond prices for Adani companies fell sharply in early Asia trade on Thursday after the Indian conglomerate’s billionaire chairman was indicted in New York over allegations of bribery and fraud.
Prices for Adani Port and Special Economic Zone debt maturing in August 2027 fell more than five cents on the dollar, according to LSEG data.
Adani Electricity Mumbai debt maturing in February 2030 fell nearly eight cents and dollar bonds issued by Adani Transmission also notched falls larger than five cents to trade just above 80 cents.
The price falls were the biggest since February 2023 when short-seller Hindenburg Research published a negative report, questioning the group’s debt levels and use of tax havens.
U.S. authorities said on Wednesday that Adani Group Chairman Gautam Adani and seven other defendants agreed to pay about $265 million in bribes to Indian government officials.
