Adani Abruptly Abandons $2.4 Billion Stock Sale as Crisis Mounts
- Company had guaranteed full subscription to new shares
- Stocks linked to the billionaire slumped on Wednesday
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The flagship company of beleaguered Indian tycoon Gautam Adani pulled a record 200 billion-rupee ($2.4 billion) share sale after a selloff triggered by a US short seller’s report engulfed his group in turmoil.
Adani Enterprises Ltd. decided not to go ahead with its follow-on public offer of shares, according to a statement late on Wednesday. India’s Mint newspaper reported earlier that Adani was considering withdrawing the share sale, even though it was fully subscribed with backing from prominent Indian and Gulf investors.