Thu Nov 21 03:00:00 UTC 2024: ## Adani Group Bonds Plummet After US Indictment of Gautam Adani
**MUMBAI, INDIA** – Shares of Adani Group companies took a significant hit on Thursday following the indictment of Chairman Gautam Adani in New York on charges of bribery and fraud. The news, first reported by Reuters, sent ripples through the Asian markets, with dollar bond prices experiencing their sharpest decline since February 2023.
According to LSEG data, bonds issued by several Adani companies suffered steep losses. Adani Port and Special Economic Zone bonds (August 2027 maturity) fell over five cents on the dollar. Adani Electricity Mumbai bonds (February 2030 maturity) dropped nearly eight cents, while Adani Transmission bonds also saw declines exceeding five cents, trading just above 80 cents on the dollar.
The sell-off mirrors the market reaction in February following the release of a critical Hindenburg Research report alleging accounting fraud and stock manipulation within the Adani Group. This latest indictment further exacerbates concerns about the conglomerate’s financial stability and raises questions about its future prospects.
First Piper 