'Myths of short seller': Adani gives point by point reply to Hindenberg's allegations
The ₹20,000 crore worth FPO received dull demand on Day 1.
Adani stocks have hit lower circuits and some of them even witnessing a double-digit decline. Hindenburg Research's report accused Adani of stock manipulation and fraud schemes.
The timing could not have been worse for Gautam Adani's ₹20,000 crore follow-on public offer (FPO) which came at a time when investors were offloading their positions in the group's seven listed stocks extensively. It was a bloodbath on Friday, with Adani stocks hitting lower circuits and some of them even witnessing a double-digit decline. The reason behind the free fall in Adani stocks would be Hindenburg Research's allegations over the Group. However, Adani has fought back by giving a much clear picture of its business portfolio.