Published on 2 Feb 2023 on Quartz via Yahoo Finance
Adani’s Hindenburg crisis grows deeper after its canceled share sale
The troubles of India’s Adani group, battling allegations of fraud made by US-based Hindenburg Research, seem to have increased.
Late yesterday (Feb. 1) night, the group’s flagship entity shocked investors by calling off its $2.5 billion (Rs 20,000 crore) fully subscribed follow-on public offer (FPO) that had opened on Jan. 27. In a regulatory filing (pdf), Adani Enterprises said it will refund the FPO’s proceeds.
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