Adani Group: Bonds underperforming equities

1 minute read

Adani Group has been a long-standing focus of ESG investors due to its exposure to thermal coal, among other issues.

Hindenburg has released a critical report of the Group that was widely quoted in financial media. In our report on the research, we show how various equities within the Adani Group moved after the report was posted.

Interestingly, the centre of gravity in the group, Adani Enterprises (ADEIN), only moved down 1.5% , whereas other entities such as Adani Ports (ADSEZ), moved -6.3%; Adani Green (ADANIGR) -3.1% and Adani Transmission (ADANIT) -8.7%.

However, as we show, the internationally traded bonds have on average moved down 11.6%, suggesting that dollar bonds, supposedly traded off-shore, have moved a lot more than domestically traded equities. This is not a textbook pattern, in our view. Note that Adani Enterprises does not have US dollar bonds outstanding, so it is hard to make the comparison between the strongest equity performer and its bonds.


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