Adani Enterprises calls off FPO

New Delhi: The board of Adani Enterprises on Wednesday decided not to go ahead with its fully subscribed follow-on public offer (FPO).

In a statement, Adani Enterprises said: "Given the unprecedented situation and the current market volatility the Company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction."

Gautam Adani said, "Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the Company's Board has decided not to go ahead with the FPO. We are working to refund the proceeds received by us in escrow and to also release the amounts blocked in your bank accounts for subscription to this issue."

Earlier in the day, shares of Adani Group firms slumped and have lost more than 7 lakh crore of their combined market capitalisation in the last five trading sessions after New York-based investor research firm Hindenburg Research, which specialises in short selling, accused industrialist Gautam Adani's companies of "brazen stock manipulation and accounting fraud scheme over the course of decades".