At least five dollar bonds issued by Adani group companies were indicated down by more than a cent as of 10.35am 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.
The firm said the opinions and investigative commentary were its own. Shares of Adani Group companies saw $12-billionIndia’s stock market is closed on Thursday for a public holiday. Several bondholders who spoke to Bloomberg on Wednesday were still digesting the report and the potential implications. Actual trading was limited because of the Lunar New Year holidays in Asian financial hubs, so they warned that price moves could be exacerbated by thin liquidity. But the report had triggered some selling, they said.The report comes as a key share sale from Adani Enterprises allocated shares at the top of an announced range.