Adani bonds tumble after founder charged by US authorities

US prosecutors charged Gautam Adani with participating in an alleged bribe plot.

Dollar-denominated notes issued by the Adani Group fell as much as 10 cents on the dollar Thursday after US prosecutors charged Gautam Adani, the group founder with participating in an alleged bribe plot.

Adani Green Energy UP dollar notes sold in March fell by a record, according to data compiled by Bloomberg. Adani Electricity Mumbai dollar notes due in February 2030 dropped by 8.6 cents, the most since a short-seller report in 2023 by Hindenburg Research sparked a more than $150 billion rout in Adani Group stocks and a selloff in its debt.

Also Read: Gautam Adani charged by US over alleged $250 million bribe plot

Billionaire Adani has been charged for allegedly participating in a scheme that involved promising to pay more than $250 million in bribes to Indian government officials to secure solar energy contracts.