Global philanthropists call for stronger networks, governance, and data-driven impact measurement
business3 days ago
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 US authorities.
The group's billionaire chairman, Gautam Adani, and seven other people were last week charged with agreeing to pay around $265 million in bribes to Indian government officials.
The charges related to alleged payments to obtain contracts that could yield $2 billion of profit over 20 years as well as to develop India's largest solar power project.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
The charges also included making misleading statements to the public despite being made aware of the US investigation in 2023.
The Adani Group has said the accusations as well as those levelled by the US Securities and Exchange Commission in a parallel civil case are baseless and that it will seek "all possible legal recourse".
In Asian trade on Monday, some of the most liquid debts, issued by Adani Ports and Special Economic Zone fell between 1 cent and 2 cents, 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 US 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.
Adani group's 10 listed stocks led by Adani Enterprises lost $27.9 billion in market value over two sessions last week after the US charges.
ALSO READ:
Global philanthropists call for stronger networks, governance, and data-driven impact measurement
business3 days ago
Nasdaq-listed MakeMyTrip emerges as the market leader in UAE’s OTA air landscape
business3 days ago
Self-reliant India Mission showing striking results in the defence sector
business3 days ago
Parte Gulfeh is dedicated to upholding historic Chivalric traditions
business3 days ago
Revenues in Q3 2024 reached $1.86 billion, up 6.1% year on year
business3 days ago
Roundtable provides gateway to bilateral investment in green-tech and creative industries
business3 days ago
Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business4 days ago
Authorities said the Adani Group chairman and seven other defendants agreed to pay the bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years
business4 days ago