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Why Did Adani Group Cancelled Its Oversubscribed FPO? Why The Troubles Of Adani Are Far From Over?

Its yet another day and yet another development in the Adani stock crash Saga after the report by Hindenburg research. The bloodbath in Adani group company shares continues on the D street. Many Retail investors are worried at the speed with which the shares are falling. Even on the budget day, the scenes were no different. Surrounded by allegations of stock manipulation and biggest fraud in corporate history, Adani group yesterday in a Shock move announced that it will withdraw its FPO. Late in the evening on Wednesday, Adani group issued a statement stating that the board has decided to call off the Rs 20,000-crore follow-on public offer (FPO) and return the money to investors. The FPO opened on January 27th and was oversubscribed with non-institutional investors, including HNIs and family offices of industrialists taking the lead in investing in it despite the Market turbulence it faced due to Hindenburg report allegations. Even though there were concerns, some section of population stood in Support of Adani. But now there are fresh allegations that the Adani group invested its own money in its own $2.5 billions FPO via shell companies. However, the question is what might have prompted Adani to withdraw the FPO? Well, he did break his silence and issued a video statement today. But there’s more to it. And it only spells trouble for Mr Adani.

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