India's Gautam Adani suffers a stunning defeat as his flagship firm withdraws a blockbuster share sale after attack by American Hindenburg Research over his business practices and subsequent $86 billion loss in stock market
Adani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises.
"Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the Company’s board felt that going ahead with the issue will not be morally correct," Adani said on Wednesday. Modi, who like Adani is from Gujarat state, has not commented publicly since the Hindenburg claims, which analysts say has hurt India's image just as it seeks to woo overseas investors away from China.
India's opposition Congress party called this week for a "serious investigation" by the central bank and regulator into Adani's firms following the Hindenburg allegations.
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