Here's how much Adani stock fell before it called off FPO

The Adani Group, in an unprecedented move, decided to call off its FPO on Wednesday. The development came a day after the FPO was fully-subscribed. Despite being fully subscribed, Adani stock fluctuated all through Wednesday. Gautam Adani, the chairman of the Adani Group, said, "Given these extraordinary circumstances, the company's board felt that going ahead with the issue will not be morally correct. The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO," Adani said. 

At the time of writing of this report, the Adani Enterprises Pvt Ltd stock is valued at Rs 2,179.75, down from Rs 2,995.20 early morning Wednesday. 

Gautam Adani, in a statement issued by the Adani Group, further said the company is currently working with its Book Running Lead Managers (BRLMs) to refund the proceeds received in escrow and to also release the amounts blocked in Investors bank accounts for subscription to this issue. 

Shares of Adani Group firms lost more than Rs 7 lakh crore of their combined market capitalisation in the last five trading sessions, according to a Press Trust of India (PTI) report. The PTI report further said the decline is about 38% compared to the market valuation at the end of trading of January 24, the day the US-based short seller Hindenburg Research came out with a report on the Adani Group. 

The Adani Group has dismissed the charges made against it in the report as lies and has said that it complies with all laws and disclosure requirements. The group has called the Hindenburg report baseless and has threatened to take legal action. 

(With inputs from PTI)