BREAKING: Adani Group lead billionaire Gautam Adani has explained his reasons for calling off the Rs 20,000 crore Adani Enterprises FPO. Read and watch here
Just a few hours after the much exolted Adani Enterprises FPO worth Rs 20,000 crore called off announcement was made, billionaire Gautam Adani has shared a video message. Picking on the 'Adani FPO called off' news, Gautam Adani has explained his reasons of calling off the FPO and deciding to give back investors their money.
"For me, the interest of my investors is paramount and everything is secondary. Hence, to insulate the investors from potential losses, we have withdrawn the FPO," Gautam Adani said in a video message.
Justifying the decision of going ahead with the FPO as 'morally incorrect,' Gautam Adani has also added, "This decision will not have any impact on our existing operations and future plans. We will continue to focus on timely execution and delivery of projects. The fundamentals of our company are very strong and balance sheets healthy."
Gautam Adani's message about withdrawl of the FPO comes a few days after the Hindenburg Research report caused havoc in the market and also stirred the company's stocks, triggering massive sell-offs. While Hindenburg alleged fraud by Adani, the group refuted all such claims and said that it would take neecessary remedial actions.
Even though the announcement of the Union Budget 2023-24 on Wednesday caused a spike in Sensex and Nifty during the day, the Credit Suisse report on Adani, later in the day, triggered the markets, leading to Sensex closing flat with Adani Group shares in red.