Adani Board Cancels FPO: Gautam Adani Says "Not Morally Correct" To Go Ahead
NDTV
The Adani Group had mustered from investors on Tuesday with the follow-on share being fully subscribed on the last day of the issue.
Adani Enterprises has called off its Rs 20,000 crore share sale due to prevailing market conditions, the company said on Wednesday, days after a rout in its stocks following criticism by a US short-seller.
The Adani Group had mustered support from investors on Tuesday with the follow-on share being fully subscribed on the final day for bids.
But the selloff in Adani group stocks and bonds resumed on Wednesday, with shares in Adani Enterprises plunging 28% and Adani Ports and Special Economic Zone dropping 19%, the worst day on record for both.
The group, in a statement, said that it will return the proceeds of the FPO to insulate investors in the offering from potential losses.
