Adani bonds hit one-year low as investors weigh US bribery allegations

SINGAPORE/SYDNEY (Reuters) - Adani dollar bond prices fell to almost one-year lows on Monday as investors cut their exposure to the Indian conglomerate in the wake of bribery and fraud allegations from U.S. authorities. Some of the most liquid debts, issued by Adani Ports and Special Economic Zone fell between 1 cent and 2 cents in early Asia trade, with similar selling in Adani Transmission debt. Ports bonds maturing in 2027 were down 1.6 cent to 88.98 cents on the dollar, having lost nearly 7 cents in face value since U.S. prosecutors charged billionaire Chairman Gautam Adani last week. Longer-dated Ports bonds were down on Monday and have lost between 8 cents and 10 cents in face value on the news. Adani Transmission debt maturing in May 2036 fell 1.8 cent on Monday for a loss of more than 7 cents since Wednesday.

The Adani Group has said the accusations as well as those levelled by the U.S. Securities and Exchange Commission in a parallel civil case are baseless and that it will seek "all possible legal recourse".

Source: Investing.com