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Adani Group’s Dollar Bonds Drop on Reports of DOJ Investigation
March 19, 2024
Adani Group’s dollar bonds fell by 1.5-2.5 points across the curve on reports that the US Department of Justice (DOJ) is investigating whether the company may have engaged in bribery. Sources noted that the DOJ was seeing if the group or people linked to it were involved in paying officials in India for favorable treatment on an energy project. The probe is also looking into Indian renewable energy company Azure Power Global. It is to be noted that the DOJ can pursue its investigations without notifying the parties.
Adani Group companies have not received any notice from the DOJ as per exchange filings. They said that they were “not aware of any investigation” against their chairman and called the report “false”
Adani Ports’ 3.828% 2032s fell 2.1 points to 80.3, yielding 7.14% and Adani Transmission’s 4.25% 2036s fell 2.2 points to 83.81, yielding 7.14%
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