Gautam Adani is now the second richest person in the world thanks to the soaring share values of his firms. The bond market isn’t quite as excited.

The rising cost of energy has contributed to a rise in stock prices for the companies in his Indian economic empire, which includes ports, gas distribution, and coal mining.

While Adani Ports & Special Economic Zone Ltd. has increased by 29% in 2022 and reached a record this week.

However, in the debt market, Adani Ports' dollar bonds have declined more than their Indian counterparts due to worries over the group's debt.

Adani Green Energy Ltd. and Adani Transmission Step-One Ltd. are two group companies whose bonds largely underperformed the Indian market.

The contrasting movements imply that Adani's success story, which saw his net worth soar to only fall short of Elon Musk, is at risk due to his heavy debt load.

Adani Group declined to remark when gotten some information about its dollar bonds failing to meet expectations Indian and regional companions.