Gautam Adani Tells Investors FPO Called Off Due To "Market Volatility"

Billionaire Gautam Adani today said the fundamentals of his conglomerate are "strong" as he explained the decision to call off a blockbuster share sale amid plunging stocks after a US short-seller's critical report. In an address to investors, Mr Adani said the decision "would have surprised many" but considering the volatility of the markets yesterday, the Adani Board felt it would not have been morally correct to proceed with the Follow-on Public Offer (FPO).

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