Adani’s bonds fall for the year as investors and lenders weigh bribery allegations By Reuters
By Tom Westbrook and Scott Murdoch
SINGAPORE/SYDNEY (Reuters) – Adani dollar bond prices fell to a nearly one-year low on Monday as investors reduced their exposure to the Indian military after allegations of bribery and fraud by U.S. officials.
The agency’s chairman, Gautam Adani, and seven other people were last week charged with accepting bribes from Indian government officials worth nearly $265 million.
The charges relate to alleged payments to secure contracts that could bring in $2 billion in profits over 20 years and to develop India’s largest solar power project.
These charges also include making misleading statements to the public despite being informed of the US investigation in 2023.
Adani Group said the allegations and those leveled by the US Securities and Exchange Commission in a similar civil case are baseless and will seek “all legal remedies”. In Asian trading on Monday, some of the most liquid bonds, issued by Adani Ports and the Special Economic Zone fell between 1 and 2 cents, with similar sales in Adani Transmission debt. Ports bonds maturing in 2027 fell 1.6 cents to 88.98 cents on the dollar, having lost nearly 7 cents in real terms since US prosecutors indicted billionaire Chairman Gautam Adani last week. Long-term Ports bonds fell on Monday and have lost between 8 cents and 10 cents per share on the news. Adani Transmission’s bond maturing in May 2036 fell 1.8 cents on Monday after losing more than 7 cents since Wednesday.
Adani group’s top 10 listed stocks are led by Adani Company (NS:) lost 27.9 billion in market value in two sessions last week after US tariffs.
