Distressed funds including Oaktree Capital scoop up Adani Group bonds

Adani Enterprises Ltd., the flagship company, finished up nearly 15% on Tuesday, leading gains as other related stocks also rose

Hedge funds and distressed debt specialists have scooped up bonds related to Gautam Adani’s business empire, a potential sign of encouragement for the group as it seeks to shore up confidence in the wake of a scathing short-seller report.

Oaktree Capital Management, one of the world’s largest opportunistic debt firms, and Davidson Kempner Capital Management were among those buying the debt in recent weeks, according to people familiar with the matter, who asked not to be named as the deals aren’t public. Hindenburg Research had said in its critique of the Adani companies that it took a short position through