Adani Stock Wipeout Intensifies, SBI invests ₹23,000 Cr

Adani Stock Wipeout Intensifies, SBI invests ₹23,000 Cr

Adani Group Shares Continue to Slip Following FPO Cancellation:

In a surprising turn of events, the Adani Group has called off its ₹20,000 crore Follow-on Public Offer (FPO) just one day after it was fully subscribed. The move came as a shock to many, but Chairman Gautam Adani explained that the decision was made to protect investors from potential losses in light of the volatile market conditions.

“The board strongly felt that it would not be morally correct to proceed with the FPO considering the volatility of the market seen yesterday,” Adani stated.

This unexpected withdrawal of the FPO has caused the Adani Group’s stocks to extend their decline, leaving investors wondering what will happen next. It remains to be seen how this sudden change of plans will impact the company and the market as a whole.

Stay tuned for further updates on this developing story.

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