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In a stunning move, Adani Enterprises Ltd (AEL) late on Wednesday decided to withdraw its Rs 20,000 crore follow-on public offering (FPO), India’s biggest such issue, amid a meltdown in its stock that has soured investor sentiment. The move comes just after AEL’s FPO
Gautam Adani, chairman, AEL, said, “Today, the market has been unprecedented, and our stock price has fluctua-ted over the course of the day. Given these extraordinary circumstances, the board felt that going ahead with the issue would not be morally correct. The interest of the investors is paramount andhence to insulate them from any potential financial losses, the board has decided not to go ahead with the FPO. ”
