The conglomerate backed by Indian tycoon Gautam Adani has $34.7 million of coupon payments due this week on its dollar bonds, most of which have plunged to distressed levels as fallout spreads from a US short seller’s allegations of fraud and market manipulation. Adani Ports & Special Economic Zone Ltd. must pay a combined $24.7 million in interest on three bonds Thursday. Next up is Adani Transmission Ltd. with a $10 million coupon payment Friday. There’s been no suggestion that either company would struggle to make the payments, but traders alarmed by the crisis engulfing the conglomerate have dumped the group’s debt securities, dragging many of them to distressed levels below 70 cents on the dollar. The Adani Ports notes with coupons due today, for example, are indicated at about 60 cents. Read More