“Adani Enterprises’ Rs 20,000 crore FPO was called off after Hindenburg report, despite a full subscription. Gautam Adani said pushing ahead with the issue would have been not “morally correct” after a massive erosion in stock price”
Adani Enterprises along with other group companies have been in focus since a report from Hindenburg research alleging improper use of offshore tax havens and flagged concerns about the high debt and valuations of the seven listed Adani companies.
Adani Enterprises will be removed from the Dow Jones Sustainability Indices, prior to open on February 7. The news comes a day after the National Stock Exchange (NSE) put three Adani stocks — Adani Enterprises, Adani Ports, and Ambuja Cements — under the additional surveillance measure (ASM) framework from February 3, 2023.
S&P Dow Jones Indices in a note said Adani Enterprises would be removed from the indices following a media and stakeholder analysis triggered by allegations of stock manipulation and accounting fraud.
Adani Enterprises along with other group companies have been in focus since a report from Hindenburg Research alleged the Group’s role in improper use of offshore tax havens and flagged concerns about the high debt and valuations of the seven listed Adani firms.
Adani Enterprises’ Rs 20,000 crore FPO was called off following the report, despite achieving full subscription. In a message, Gautam Adani said pushing ahead with the issue would have been not “morally correct” after a massive erosion in stock price.
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