Adani Enterprise cancels sale of subsidiary shares. The company’s board of directors has announced that it is canceling further proceedings to protect the interest of investors. Uncertainty in the stock market and a huge fall in Adani Group shares are behind the dramatic move. Sensex closed marginally higher and Nifty closed lower yesterday following massive volatility. Adani shares, on the other hand, faced a huge setback. It is in this context that the dramatic move by the Adani Enterprises Board. The announcement came late last night canceling the related share sale that closed on Tuesday. A press release was issued explaining that the interests of the investors are prioritized. Gautam Adani clarified that the board was convinced that it was not morally right to go ahead with the share sale at the current price. Adani also said it felt it was its duty to protect investors from further financial losses. It is also promised that as the stock market stabilizes, plans will be launched to provide new opportunities to investors.
At the close of trade yesterday, Adani Enterprises was trading at Rs 2,135 35 paise. In the supplementary sale, the price was fixed at Rs 3,276. The fear that investors may withdraw at the time of allotment of shares cannot be ruled out despite the oversubscription. The value of the Adani Group has fallen by more than Rs 7.5 lakh crore in the five trading days since the Hindenburg Research allegation. Gautam Adani, who was third on the Forbes list of the world’s richest people, slipped to fifteenth place behind Mukesh Ambani. The stock market and investors are looking forward to see how Adani Group will perform in the coming days.
Adani Enterprises calls off its FPO, money to be returned to investors
