In a YouTube video, Gautam Adani said considering the volatility of the markets on Feb 1, the Adani board strongly felt it would not have been morally correct to proceed with the Adani Enterprises FPO and interests of investors is paramount
Adani FPO withdrawal would not impact Adani Group's existing operations and plans. The fundamentals of the company are strong, the balance sheet is healthy and assets robust, Gautam Adani added
On February 1, the Board of Adani Enterprises Ltd announced the withdrawal of its Rs 20,000-crore follow-on public offer (FPO) amid current market volatility
"Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdrawing the completed transaction," said Adani Enterprises
Adani Enterprises' FPO got fully subscribed on the final day of bidding. The FPO price band was Rs 3,112-3,276 per share. The issue was subscribed 1.12 times and received bids for 5,08,68,352 shares against the total offer size of 4,55,06,791 shares
Gautam Adani said the company's board decided to insulate the investors from potential losses, given the volatility in the market on the Budget day
Shares of Adani Group crashed up to 35% on Budget day amid a report that Credit Suisse has stopped accepting bonds of Adani companies as collateral for margin loans
Shares of Adani Enterprises crashed 34.72% to hit a day low of Rs 1,942 on February 1, 2023. The stock is down over 49% from its 52-week high of Rs 4,189.55
Adani Group has lost over Rs 7.4 lakh crore from the group's market capitalisation (m-cap) in five consecutive trading sessions
According to Bloomberg, Citigroup Inc's wealth arm has also stopped accepting securities of Adani Group of firms as collateral for margin loans
Post the release of the Hindenburg Report, Adani Group, which was accused of stock manipulation faced a bloodbath in the stock market. Meanwhile, as per reports, SEBI might examine Adani Group shares rout
Reserve Bank of India has asked the Indian banks for details of their exposure to Adani Group - Sources