Dollar bonds issued by subsidiaries of the Indian conglomerate Adani Group fell after a scathing report by a U.S. short seller sparked a collapse in the listed companies of the company.
The short seller report has raised questions about how investors will react to the company’s record-breaking secondary sale of $2.45 billion.
Bonds issued by Adani Green Energy (ADNA.NS) denominated in U.S. dollars continued this week’s dramatic declines to slightly under 77 cents in the dollar, their lowest level since November, according to Tradeweb data. The most recent decrease in price was 7.32 cents, to 77.007 cents.
Adani Ports and Special Economic Zone (APSE.NS), Adani Transmission (ADAI.NS), and Adani Electricity Mumbai also saw declines in their international bonds.