The board of Adani Enterprises Ltd scrapped its Rs20,000 crore FPO (follow-on public offering ) citing investor protection concerns.
Adani scrips erased all the market's budget day gains on Wednesday as the Hindenburg report continues to keep retail investors' sentiments on the group subdued.
While Adani Enterprises, Adani Transmission, and Adani Ports were trading higher in Wednesday afternoon trades, other Group equities continued to fall, extending their three-day sell-off.
On Thursday morning session, the NSE Nifty50 Nifty fell 162.95 points or 0.92 percent to 17,453.35 and BSE Sensex slipped 408.92 pts or 0.68percent to 59,299.16.Top gainers on the Sensex were ITC, HCL Tech, Infosys, Tech Mahindra and TCS while SBI,, ICICI Bank, Bajaj Finance, HDFC and HDFC Bank were the top losers.
Adani Stock in News: Following the January 24 analysis by American-based Hindenburg Research, which raised worries about excessive debt levels and the usage of tax havens, the shares have fallen.
Adani has referred to the report as unfounded. Adani's 20,000 crore follow-on public offer (FPO), which will close on January 31st, is being sold at a premium price range of 3,112 and 3,276 per FPO equity share.
In the midst of the Hindenburg controversy, Adani's flagship company, Adani Enterprises, withdrew a massive share sale, handing him a shocking loss.
Following the market turbulence, Adani stated that his business didn't feel it was "morally correct" to move forward with the share sale.
The billionaire postponed the $2.5 billion share sale of his flagship business on Wednesday.
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