New Delhi
Adani Enterprises withdraws from further share sale (FPO) of Rs 20,000 crore. The retreat comes amid a massive setback in the stock market. Adani Group shares fell 28 percent on Wednesday alone. Shares of other companies such as Adani Port also fell sharply. With all the companies facing a setback in the stock market, there is no chance of a rebound anytime soon. The company said in a statement that it will refund those who have bought shares so far.
There is a difference of close to Rs.1,000 between the share sale price and the current share price Hence, it may take a long time for the investors to recover their investment. Adani Group explained that in this situation, it is withdrawing from the sale to protect the interest of the investors.
Meanwhile, after the release of the Hindenburg Research report, the fall in the value of the Adani Group’s shares crossed Rs 7.5 lakh crore.
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