As per the reports by Hindenberg research was made two days before, and the report stated that Gautam Adani has been found accused related to fraud which led to the downfall of the company share. Firstly, the share was subscribed a lot, but on the last day, when all the prominent businessman and shareholders invested their money, the FPO subscription increased by 1.02%. But currently, the FPO from Adani enterprises has been canceled, and said that the money of the investors will be returned.
The chairman of the Adani group, Mr. Gautam Adani in a meeting with the company board and decided that the FPO will be canceled. And the reason was said that seeing the ups and downs in the share market, this decision of canceling the FPO has taken. Adani said that currently making the investors’ money safe is the right option and a necessity. He also thanked the investors and customers to keep trusting the company.
Gautam Adani has shared a video of himself in which he said why the FPO was canceled, and also stated the current situation and scenario of the company. He said that the company has never been in debt and always cleared it on time. He made his trusted statement that the company has excellent cash flow and safety, which also leads to a strong balance sheet.
Adani stated that canceling this FPO won’t affect the company’s current ongoing works and other future plans.