SINGAPORE – The dollar bond price of Adani shares fell sharply in early Asian trade on Thursday after the billionaire chairman of the Indian conglomerate was indicted in New York on bribery and fraud charges.
Prices for Adani Port and Special Economic Zone debt maturing in August 2027 fell by more than five cents to the dollar, according to LSEG data.
Adani Mumbai’s debt maturing in February 2030 fell about eight cents to a dollar on bonds issued by Adani Transmission.
The price drop has been the biggest since February 2023 when the broker Hindenburg Research published a negative report, questioning the group’s debt levels and the use of tax shelters.
US authorities said on Wednesday that Adani Group Chairman Gautam Adani and seven other defendants had agreed to pay an estimated $265 million in bribes to Indian government officials.
Adani Group did not immediately respond to requests for comment outside business hours in India.
Shares in Adani-listed companies in India began trading at 0345 GMT.
