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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. ....