World's second-biggest fortune fails to halt rout in bonds of Adani firms

Stocks of firms in Gautam Adani's business empire -- spanning ports to gas distribution and coal mining -- have jumped in part on soaring energy prices

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