Watch: Gautam Adani explains cancellation of ₹20,000 crore FPO amid Hindenburg fraud charge row

A day after cancelling a ₹20,000 crore Follow-on Public Offer (FPO), Gautam Adani, the founder and chairman of the Adani Group, explained the reasoning behind the decision which came amid a storm caused by a report by US-based short seller Hindenburg Research accusing the Adani Group of fraud and share price manipulation. Adani has denied the allegations.

Gautam Adani on 2 February 2023 said, "After a fully-subscribed FPO, yesterday's decision of its withdrawal would have surprised many. But considering the volatility of the markets seen yesterday, our Board strongly felt that it would not have been morally correct to proceed with the FPO."

"The interest of my investor is paramount. This decision will not have any impact on our existing operations, as well as future plans," he said, while claiming that the fundamentals of the company are strong.

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