Adani Bond Plunge Deepens as Rebuttal Fails to Stem Concern
- Value of bonds has dropped hundreds of millions of dollars
- Adani Ports’ notes fell by over 7 cents on dollar earlier
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A plunge in dollar bonds of Adani Group companies intensified on Monday after a rebuttal by the Indian conglomerate failed to ease concerns following a scathing report last week by short seller Hindenburg Research.
Adani Ports & Special Economic Zone Ltd.’s 2027 note dropped 6.2 cents on the dollar in Hong Kong as of 1:49 p.m., paring a larger decline earlier when it reached a fresh low, Bloomberg-compiled data show. At least four group notes including debt of Adani Electricity Mumbai Ltd. have fallen to distressed levels below 70 cents on the dollar that generally indicate mounting concern about creditworthiness.