Adani Bond Plunge Accelerates as Rebuttal Fails to Stem Concern

(Bloomberg) — A plunge in dollar bonds of Adani Group companies quickened on Monday after a rebuttal by the Indian conglomerate failed to ease concerns following a scathing report last week by short seller Hindenburg Research.

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Adani Ports & Special Economic Zone Ltd.’s 2027 note dropped 7.1 cents on the dollar to 72 cents as of 9:57 a.m. in Hong Kong, hitting a fresh low following an 11 cent drop last week, Bloomberg-compiled data show. The selloff in billionaire Gautam Adani’s corporate empire had already erased more than $50 billion of market value as Asia’s richest man struggles to contain the fallout.

The Adani group published a 413-page rebuttal of allegations of fraud by Hindenburg on Sunday, but the attempt to assuage investors as the group’s flagship company seeks to complete a share sale is failing to stem concerns. At least seven other Adani company bonds dropped by more than two cents on the dollar Monday, as the value of the company’s debt has plunged by hundreds of millions of dollars in markets in less than a week.