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

Hindenburg said last week that it had taken a short position in Adani's companies through US-traded bonds and non-Indian-traded derivative instruments

Adani bond plunge fastens as rebuttal to Hindenburg fails to stem concern
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The lengthy response comes in the last leg of a share offer by Adani Enterprises, which received overall subscriptions of 1% for the institutional and retail portion on Friday

Finbarr Flynn | Bloomberg
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

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First Published: Jan 30 2023 | 10:58 AM IST

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