Billionaire Gautam Adani-led Adani Enterprises called off its Rs 20,000 crore follow-on public offer and said money will be returned to investors.The decision to not proceed with the FPO despite full subscription was taken at a meeting of the board of directors of the company today. The dramatic announcement came after the group's stocks were in free fall. The Brand has been in crisis mode ever since the Hindenburg report accused it of fraud and inflated values, charges the group denied calling them "an attack on India." Though the FPO was fully subscribed, there was no interest from retail investors, Instead big business houses came to the rescue. But it was not enough- after a negative report from Credit Suisse, Adani stocks continued to fall.

#adani #adanienterprises #hindenburgreport #FPO #Adanishares

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