Adani Enterprises, an giant business conglomerate, has cancelled its plan to sell more of its stock to the public. The company was going to sell more shares through a Follow-on Public Offer (FPO) for around 26 Billion USD, but decided not to because the value of its stocks has been going down and has been changing a lot lately.
After the release of a business report by a research firm called Hindenburg Research questioning Adani’s finances and leadership, resulted in massive fall of the stock in the market. Despite this, some experts still think Adani will do well in the future.
However, the company was hoping to raise money by selling more stock, but because the stock has been doing badly, the company cancelled their plans. Instead, they are going to look for other ways to raise money.
The cancellation of the FPO took place on February 2, 2023. The declining stock prices and the fluctuations made Adani change its plans for raising money. They will not be selling more stock for now, but will look for other options.
