India’s Adani Enterprises has called off its $2.5 billion share sale due to prevailing market conditions, the company said on Wednesday. The decision comes days after a rout in its stocks following criticism by a U.S. short-seller. On Tuesday, Adani Group mustered support from investors for the share sale for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis. However, the selloff in Adani group stocks and bonds resumed on Wednesday, with shares in Adani Enterprises plunging 28% and Adani Ports and Special Economic Zone dropping 19%, the worst day on record for both.
Adani Enterprises Calls Off $2.5 Billion Share Sale
India's Adani Enterprises has called off its $2.5 billion share sale due to prevailing market conditions, the company said on Wednesday, days after a rout in its stocks following criticism by a U.S. short-seller. On Tuesday, Adani Group mustered support from investors for the share sale for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis.
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