On 1 February, Adani Enterprises Ltd’s board scrapped its ₹20,000-crore FPO in the best interests of investors following the massive selloff in all group company stocks after a report by short seller based in the US alleged accounting fraud and stock manipulations by Adani companies
The proposed fundraising via FPO comes when concerns have been raised about Adani s elevated debt levels and large promoter shareholding. As of September 30, 2022, Adani s net external debt is around ₹33,517 crore.