Billionaire Gautam Adani has said the decision to withdraw a fully subscribed share sale of the flagship firm of his group was primarily because of volatility in the market.
Adani Group company stocks have lost over USD 90 billion in value since a US short seller made damning allegations.
Adani Enterprises Ltd’s Rs 20,000 crore follow-on public offer managed to get investors on the last day of the share close on Tuesday. Late on Wednesday, the company decided to withdraw the FPO and refund the investors.
“After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday,FPO withdrawn due to market volatility, says Gautam Adani
