Is Adani going to make a comeback? | Gautam Adani | Adani calls off its FPO- Watch Video

Billionaire Gautam Adani today cited the "strong" fundamentals of his company in explaining why he decided to cancel a massive share offering amidst falling equities following a negative report from a US short-seller. In an address to investors, Mr. Adani said the choice "would have surprised many," but the Adani Board felt it would not have been morally right to move on with the Follow-On Public Offer given the volatility of the markets yesterday (FPO).

Adani's Statement

"In my humble journey of over 4 decades as an entrepreneur I have been blessed to receive overwhelming support from all stakeholders particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them. I owe all my success to them. For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO," Mr Adani said in his video statement.