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Dollar bonds of India's Adani Group extend gains

People wait to cross a road in front of the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad

MUMBAI (Reuters) - The U.S. dollar-denominated bonds issued by entities of India's Adani Group extended gains on Friday.

The dollar bonds of Adani Ports and Special Economic Zone, Adani Transmission, Adani Green Energy and Adani Electricity Mumbai were all trading in the green.

Bonds of Adani Green Energy maturing in September 2024 was among the top gainers after hitting a record low in the previous session. It was trading 7.32 cents higher, at 67.59 cents.

Earlier in the day, credit ratings agency Moody's warned that the recent sell-off in Adani group's shares after a short-seller's report could reduce the conglomerate's ability to raise capital. It, however, it did not change its ratings on the group's companies.

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Meanwhile, its peer Fitch saw no immediate impact on its ratings and said that it did not expect material changes to Adani Group's cash flow forecast.

In a scathing report last week, Hindenburg Research questioned the conglomerate's debt levels and use of tax havens. Billionaire chairman, Gautam Adani, called the report baseless and affirmed its financials are strong.

(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)