MUMBAI: The dollar bonds issued by entities of India’s Adani Group extended losses on Thursday, with notes of Adani Green Energy Ltd crashing to a record low.
Adani Green’s bonds maturing in September 2024 led the losses, falling 11.69 cents, to 60.56 cents, their lowest since issuance.
The conglomerate’s dollar bonds slipped further into losses on the day after the flagship Adani Enterprises Ltd called off its $2.5 billion share sale as the market valuation losses in the group’s listed companies swelled to more than $100 billion.
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The losses have come since last week when short-seller Hindenburg Research alleged improper use of offshore tax havens and stock manipulation by the group and also raised concerns about the high debt levels and market value of its seven listed companies.
Bonds of Adani Ports maturing in July 2027 dropped 5.84 cents, to 72.17 cents, their lowest level since October 2018.
The U.S. dollar-denominated bonds of Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai were also trading lower.
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