Adani abandons plan to raise $122 million through its first-ever sale of bonds

According to sources familiar with the matter, Adani Enterprises Ltd. has abandoned plans to raise as much as 10 billion rupees ($122 million) through its first-ever public sale of bonds due to the recent market rout.

Bloomberg reported in December that the flagship firm of Indian billionaire Gautam Adani’s empire was planning the public note issuance for January, and that it would be working with Edelweiss Financial Services Ltd., AK Capital, JM Financial, and Trust Capital. However, the people who spoke on condition of anonymity said that developments have ceased.

This is the latest in a string of unexpected setbacks for the conglomerate, which began when a US-based short-seller, Hindenburg Research, accused it of stock manipulation and accounting fraud late last month. Despite the group’s vehement denials of the allegations, its stock and bond prices have fallen.