Gautam Adani’s US dollar bonds fall after report by Hindenburg Research
A raft of bonds tied to Indian billionaire Gautam Adani fell further Thursday after a short seller accused his conglomerate of stock manipulation and accounting fraud.
At least five dollar bonds issued by Adani group companies were indicated down by more than a cent as of 10:35 a.m. in Hong Kong, extending a selloff after Nate Andersen’s Hindenburg Research said it has taken a short position in these firms via US-traded notes and non-Indian-traded derivative instruments.
Among the biggest losers are Adani Ports and Special Economic Zone’s 2024 notes that fell by 5.1 cents on the dollar, the biggest single-day drop since April 2020, Bloomberg-compiled prices show. Adani Group entities saw their bond prices fall anywhere between about 1 and 14 cents on the dollar Wednesday, according to Bloomberg’s BVAL valuation service.
