Some Adani dollar bonds fall most in over six months on US probe

Mar18,2024



New Delhi: many Adani GroupAfter this news, dollar bonds fell the most in more than half a year US Prosecutor have expanded them Test The port-to-power group will need to focus on whether it can join Bribe,
A note due 2041 from unit Adani Ports and Special Economic Zone Ltd fell 2.4 cents to 79.1 cents, the most since August. Another bond of subsidiary Adani Renewable Energy RJ Ltd. due in 2039 fell 2.3 cents to 83 cents, its worst decline. From February 2023. That pars gains in recent months that have sent securities to their highest levels since 2022.
US investigators are probing whether it is an Adani entity, or people associated with the company, including Gautam AdaniThey were involved in paying off officials in India for favorable treatment on an energy project, according to people with direct knowledge of the matter. Indian Renewable Energy Company is also being investigated in the investigation Azure Power Global Limitedis being handled by the U.S. Attorney's Office for the Eastern District of New York and Justice Departmentfraud unit in Washington, people familiar with the matter said.
“We are not aware of any investigation against our Chairman,” Adani Group said in an emailed statement. “As a business group that operates with the highest standards of governance, we are committed to combating corruption in India and other countries. We are subject to and fully comply with anti-trust and anti-bribery laws.”
Gautam Adani, his company, and Azure have not been accused of wrongdoing by the Justice Department, and INVESTIGATIONS Don't always lead the prosecution.
Adani's vast empire was rocked early last year by claims from short-seller Hindenburg Research that the group manipulated its stock price and committed accounting fraud. The group has vehemently denied those allegations and shares have largely recovered from their initial decline.
Still, the report prompted the Justice Department, as well as the Securities and Exchange Commission, to look into some of the claims, as Bloomberg News reported last year.



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