According to Reuters, Adani Group’s dollar bonds experienced a two-month low on Monday following reports of an expanded US investigation into potential bribery.
Shares across all 10 group companies plummeted by over five per cent, with Adani Total Gas leading the downturn. Bond prices also tumbled, resulting in a 38 basis points increase in yields on a note issued by Adani Ports & Special Economic Zone, reaching 7.20 per cent.
US investigators are reportedly delving into potential bribery involving Adani entities. The group has yet to provide a comment on the matter. This development follows a previous sell-off triggered by a report from Hindenburg Research last year. Bond prices suffered their largest daily decline in six to 12 months.