Adani rebuttal to Hindenburg fails to stem concern, bond plunge quickens

A plunge in dollar bonds of Adani Group companies quickened 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 7.1 cents on the dollar to 72 cents in Hong Kong, hitting a fresh low following an 11 cent tumble last week, Bloomberg-compiled data show. The selloff in billionaire Gautam Adani’s corporate empire had already erased more than $50 billion of equity market value as Asia’s richest man struggles to contain the fallout.

At least eight other Adani corporate bonds dropped by more than two cents on the dollar Monday in volatile trading,