Adani Group stocks extended their decline after calling off its ₹20,000 crore FPO on Wednesday night. Chairman Gautam Adani on Thursday said that the group decided to call of the share sale to insulate investors from potential losses. “After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said in a statement.
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