Surging share prices of Gautam Adani’s companies have helped make him the world’s second-richest person. The bond market isn’t quite as enthusiastic.
Stocks of firms in his Indian business empire — spanning ports to gas distribution and coal mining — have jumped in part on soaring energy prices. Adani Ports & Special Economic Zone Ltd. has climbed 29% in 2022 and hit a record this week, while shares in some of his other companies have surged more than 1,000% in the past two years.
But in the debt market, Adani Ports’ dollar bonds have dropped more than Indian peers on concern about the group’s debt, and its notes due in August 2027 fell to an all-time low this week, Bloomberg-compiled prices show. Bonds of group companies including Adani Green Energy Ltd. and Adani Transmission Step-One Ltd. also mostly underperformed the broader Indian market.