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 and 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.
However, 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 showed.
Bonds of group companies including Adani Green Energy Ltd. and Adani Transmission Step-One Ltd. also mostly underperformed the broader Indian market.
The diverging moves suggest that high debt poses risks to Adani's success story that saw his net worth shoot up to only trail that of Elon Musk, the Bloomberg Billionaires Index shows.
This story is from the September 23, 2022 edition of Hindustan Times.
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This story is from the September 23, 2022 edition of Hindustan Times.
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