Gautam Adani's US dollar bonds fall after report by Hindenburg Research

In an approximately 100-page report, Hindenburg Research alleges a web of Adani-family controlled offshore shell entities in tax havens, in the Caribbean, Mauritius and the United Arab Emirates

A raft of bonds tied to Indian billionaire Gautam Adani fell further Thursday after a short seller accused his conglomerate of stock manipulation and accounting fraud. 
 

At least five dollar bonds issued by Adani group companies were indicated down by more than a cent as of 10:35 a.m. in Hong Kong, extending a selloff after Nate Andersen’s Hindenburg Research said it has taken a short position in these firms via US-traded notes and non-Indian-traded derivative instruments. 

Among the biggest losers are Adani Ports and Special Economic Zone’s 2024 notes that fell by 5.1 cents on the dollar, the biggest single-day drop