(Image source from: Reuters.com)
Adani Group Losses Touch 100 Billion USD:- Adani Group created ripples across the country over the past couple of years. Gautam Adani climbed to the top in no time. The shares of Adani Group plunged down badly on Thursday after Gautam Adani shelved a 2.5 billion USD share seal deal that brought a loss of 100 billion USD in less than a week. This turned out to be a dramatic setback for Adani Group. Gautam Adani had to release a video explaining about the recent incidents after withdrawing the FPO. "Today the market has been unprecedented and our stock price has fluctuated over the course of the day… 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" told Gautam Adani.
Gautam Adani yesterday called off the share sale after the stocks came down. Adani lost the title of the Asia's Richest Man. The shares of Adani Enterprises, the group's flagship firm plunged by 10 percent after opening yesterday. The shares of Adani Ports and Special Economic Zone, Adani Total Gas, Adani Green Energy and Adani Transmission too fell down by 10 percent each. The shares of Adani Power and Adani Wilmar came down by 5 percent. This came as an embarrassment for Adani Group and his companies. Some of the investors backed out of the recent deals. Gautam Adani is now the 16th richest in the Forbes list and he was ranked third last week.