Adani Group Bonds Falls for 2nd Consecutive Day Amid US Indictment
Adani Group's bonds are facing intense pressure, with a second consecutive day of decline, following the US indictment of billionaire founder Gautam Adani
Adani Group Bonds Falls for 2 nd Consecutive Day Amid US Indictment
Adani Group’s bonds are facing intense pressure, with a second consecutive day of decline, following the US indictment of billionaire founder Gautam Adani .The indictment, which includes charges of fraud and bribery, has spooked investors, leading to a significant loss in market value.
Essential Facts
Adani Group- US Indictment: Gautam Adani, his nephew Sagar Adani, and former Adani Green Energy CEO Vneet Jaain have been charged with agreeing to pay $265 million in bribes to Indian government officials .
– Market Impact: Adani Group companies lost approximately $27 billion in market value on Thursday, with their US dollar bonds experiencing significant declines .
– Company Response: Adani Group has denied the allegations, stating that they are “baseless and denied” and that the company will seek “all possible legal recourse”.
Read More: Understand the Importance of Smart packaging in food businesses!
Bond Performance:
Adani Group- Adani Ports and Special Economic Zone’s US dollar bonds, maturing in 2027, traded at 92 cents on the dollar .
– Longer-dated maturities for Adani Ports and Special Economic Zone bonds traded around 80 cents on the dollar.
The Adani Group’s India-listed shares are expected to start trading on Friday, and investors will be closely watching the market’s reaction to the ongoing developments.
We’re now on WhatsApp. Click to join.
Like this post?
Register at One World News to never miss out on videos, celeb interviews, and best reads.
