Bad news for Gautam Adani, Billionaire charged with massive fraud in US, accused of…

Dollar bond prices of Adani Group companies dropped significantly in early Asian trading on Thursday, November 21, following the indictment of the conglomerate's billionaire chairman, Gautam Adani, in New York on charges of bribery and fraud, news agency Reuters reported.

Indian billionaire Gautam Adani speaks during an event. (REUTERS)

Debt issued by Adani Port and Special Economic Zone, maturing in August 2027, declined over five cents on the dollar, as per LSEG data. Bonds of Adani Electricity Mumbai, maturing in February 2030, fell nearly eight cents, while those of Adani Transmission also saw drops exceeding five cents, trading slightly above 80 cents, it reported.

These declines mark the steepest since February 2023, when a report by short-seller Hindenburg Research raised concerns over the Adani group’s debt levels and use of tax havens.