Adani Group bonds were pressured for a second straight session on Friday, November 22, 2024, following the indictment of group Chairman Gautam Adani by US prosecutors over an alleged $265 million bribery scheme, according to a Reuters report.
For instance, Adani Ports and Special Economic Zone bonds which mature in 2027 traded at 92 cents on the dollar and the longer-dated maturities traded around 80 cents.
This was despite the group trying to assure investors that it was a “law-abiding organization,” calling out the accusations as “baseless and denied,” and saying that it would seek “all possible legal recourse.”
“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,” it said. “We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws.”
However, the companies still lost around $27 billion in market value on Thursday.