Citing market volatility and the unprecedented situation”, the company attributed its abrupt decision to a need to protect its investors by returning their proceeds.
“The Board takes this opportunity to thank all the investors for support and commitment to our FPO,” Adani Enterprises chairman Gautam Adani said in the statement.
“The board felt that going ahead with the issue will not be morally correct,” he said, amid a rout sparked by allegations of fraud in a report by US short-seller Hindenburg Research. On Wednesday, despite the 20,000-crore share sale sailing through on the last day on Tuesday after non-retail investors bid in big volumes, all the group companies settled in negative territory with shares of three companies hitting their lowest price band.
This story is from the February 02, 2023 edition of Hindustan Times.
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This story is from the February 02, 2023 edition of Hindustan Times.
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