Following the indictment of billionaire founder Gautam Adani for fraud by US prosecutors and the issuance of arrest warrants for him in connection with an alleged US$265 million bribery scheme, pressure mounted on India’s Adani Group bonds for a second session on Friday, November 22.
The group said that the charges were “baseless and denied” and attempted to reassure investors that it was a “law-abiding organization.” Despite this, its companies’ market value dropped by almost US$27 billion on Thursday.
Adani firms’ US dollar bonds, which had suffered a significant loss the day before, were held under pressure in early Asian trading on Friday. Longer-dated maturities of Adani Ports and Special Economic Zone debt were trading at about 80 cents on the dollar, while debt maturing in 2027 was trading at 92 cents. At 3.45 a.m. GMT on Friday, the group’s shares listed in India are scheduled to begin trading.
US authorities have charged eight people with agreeing to pay approximately US$265 million in bribes to Indian government officials in order to establish India’s largest solar power plant project and secure contracts that might generate US$2 billion in profit over 20 years.
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