G 24 Hours Digital Bureau: Adani Group companies have decided to withdraw the successfully completed follow-on public offer of Rs 20,000 crore. Shares of Adani Enterprises subsequently fell 10 percent in Thursday’s market. Other group stocks witnessed heavy selling pressure. Citigroup Inc assets wing has stopped accepting securities as collateral for margin loans of Adani Group. After that, the pressure increased on the shares.
Adani Enterprises touched its lower circuit limit of Rs 1,915.85. Adani Group founder and chairman Gautam Adani said on Thursday that Adani Enterprises’ decision to withdraw its FPO may have surprised many, but the company’s board felt that it was not morally right to proceed with the issue due to market volatility on Budget day.
In a YouTube video, Adani said the decision will have no impact on the Adani Group’s current operations and future plans. He said his group companies would focus on timely implementation and delivery of projects.
Adani Transmission fell 10 percent to Rs 1,557.25. Adani Green fell 10 percent to Tk 1,038.05. Adani Total Gas fell by 10 percent to Tk 1,711.50. Adani Ports fell 9.48 percent to Rs 445.50. Adani Power has decreased by five percent to Tk 202.15. Adani Wilma fell five percent to Rs 421.45.
Citigroup has reportedly stopped accepting securities of Gautam Adani’s group of firms as collateral for margin loans. Credit Suisse Group AG, like Citibank, is also said to have moved to make changes after Adani’s troubled empire plunged further into crisis.
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In a recent Hindenburg Research report, several allegations were leveled against the Adani Group, including accounting fraud, stock manipulation and money laundering. Although the Adani Group has denied all allegations, group stocks continue to suffer. According to Forbes data, Adani’s personal wealth fell by $15.74 billion or about Rs 12,000 crore on the day of the budget.
What do you think, who will join them soon? pic.twitter.com/B6gvCZNEin
— KRK (@kamaalrkhan) January 30, 2023
On the other hand, KRK tweeted on 30th January. The tweet included several people’s photos. All of those with the photos are accused of fleeing the country for business. Pictures of Nirav Modi, Mehul Choksi, Lalit Modi, Vijay Mallya are seen in the film. At the end there is a picture where only one figure is seen and no one is named. He captioned the tweet, ‘Who do you think will join them soon?’
