MUMBAI (Reuters) – The U.S. dollar-denominated bonds issued by entities of India’s Adani Group were trading lower on Friday.
The dollar bonds of Adani Ports and Special Economic Zone, Adani Transmission , Adani Green Energy and Adani Electricity Mumbai were all trading in the red.
Bonds of Adani Green Energy maturing in September 2024 were among the top losers, down 1.95 cents at 74.39 cents.
Earlier in the day, Moody’s downgraded the ratings outlook for some Adani Group entities, while MSCI said it would cut the weightings of some companies in its indexes.
In a scathing report on Jan. 24, Hindenburg Research questioned the conglomerate’s debt levels and use of tax havens. Billionaire chairman, Gautam Adani, called the report baseless and maintained that its financials are strong.
(Reporting by Dharamraj Dhutia; Editing by Dhanya Ann Thoppil; Editing by)
