Default shock in India sees firms pulling most bonds in decade

MUMBAI: North Eastern Electric Power Corp, an Indian state-run power generator, planned to raise 3 billion rupees (US$41.3mil) selling bonds. It couldn’t manage 5% of that amount, prompting it to scrap the sale on Monday.

Three Indian companies have pulled 58 billion rupees (US$800mil) of debt sales this month, the most in at least a decade, according to data compiled by Bloomberg.