Adani Group’s US bonds hit 2-month low

Adani Group dollar bonds hit a two-month low on Monday after reports of widened US investigation into potential bribery, Reuters reported.

Shares of all 10 group companies dropped over five per cent, with Adani Total Gas leading the decline. Bond prices fell, pushing up yields by 38 bps on a note from Adani Ports & Special Economic Zone to 7.20 per cent.

US investigators are looking into potential bribery involving Adani entities. The group has not commented on the report. This follows a previous sell-off triggered by a report from Hindenburg Research last year. Bond prices saw the largest daily decline in six to 12 months.