“Adani Group Bonds Slide for Second Consecutive Day Following US Indictment, Spooking Investors”

Adani Group bonds came under pressure for the second consecutive session on Friday, November 22, 2024, following the indictment of Chairman Gautam Adani by U.S. prosecutors in connection with an alleged $265 million bribery scheme, as reported by Reuters. For example, bonds from Adani Ports and Special Economic Zone maturing in 2027 were trading at 92 cents on the dollar, while longer-dated bonds were hovering around 80 cents.

Despite this, the Adani Group attempted to reassure investors by emphasizing its commitment to being a “law-abiding organization.” The group dismissed the accusations as “baseless” and vowed to pursue “all possible legal recourse.” “The Adani Group has always adhered to the highest standards of governance, transparency, and regulatory compliance in all areas of its operations,” the statement said. “We reassure our stakeholders, partners, and employees that we are fully compliant with all laws.