Reported 2 days ago
Adani Group's dollar bonds have significantly dropped in early Asian trading after its chairman, Gautam Adani, faced bribery and fraud charges in New York. Bonds for Adani Port and Special Economic Zone fell over five cents, while Adani Electricity Mumbai's bonds declined by nearly eight cents. This downturn marks the steepest drop since a negative report by Hindenburg Research in February 2023, which criticized the company's debt and tax practices. U.S. officials allege that Adani and associated defendants agreed to pay approximately $265 million in bribes to Indian officials.
Source: YAHOO