Adani Board Cancels FPO: Gautam Adani Says "Not Morally Correct" To Go Ahead
NDTV
Gamtam Adani said "The market has been unprecedented, and our stock price has fluctuated over the course of the day... Given these extraordinary circumstances, the Company's board felt that going ahead with the issue will not be morally correct"
Adani Enterprises Ltd has called off its Rs 20,000-crore share sale, saying it would not be "morally correct" in the current market condition. Adani Enterprises chief Gautam Adani has said although the FPO closed successfully yesterday, "the market has been unprecedented (today), and our stock price has fluctuated over the course of the day".
"Given these extraordinary circumstances, the Company's board felt that going ahead with the issue will not be morally correct," he said in a statement.
"The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO," he added.
Thanking the investors, he said, "Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling".