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Adani’s toxic bonds

In response to Adani’s financial and reputational meltdown, the Toxic Bonds Network is, for the first time, publicly exposing Adani’s major bondholders and bond underwriters with the launch of This page builds on letters sent last week to Adani’s major bondholders and underwriters calling on them to deny new debt to Adani.

The Adani’s Toxic Bonds page calls out Adani’s biggest bondholders and facilitators and their (lack of) commitments to deny new debt to the Adani Group.

On 24 January, Hindenburg Research exposed Adani Group’s “brazen stock manipulation and accounting fraud” and alleged a “vast labyrinth of offshore shell entities” ultimately owned by the Adani Group to launder money and manipulate stock prices. As a result, trust in the Adani Group, including Adani Green, from investors and banks continues to be hugely eroded. So far, Standard Chartered and Credit Suisse have stopped accepting Adani bonds as collateral, Citigroup stopped margin loans on all Adani securities and Norway’s KLP has walked away from Adani Green shares. However, no bondholders or bond underwriters have committed to deny new debt to the Adani Group. aims to ramp up the pressure on international financial institutions standing with Adani, and soon document the investors and banks fleeing Adani’s toxic bonds.