Business News : Why did Adani Group suddenly cancel the FPO? Gautam Adani himself came forward to explain to the investors

Adani Group had withdrawn the Rs 20,000 crore FPO of its flagship company Adani Enterprises on Wednesday. After this, Gautam Adani himself came forward and released a video explaining the reason behind this decision to his investors. Gautam Adani said that the decision to withdraw it after a fully subscribed FPO must have surprised many people.

The Board strongly felt that it would not be ethically correct to go ahead with the FPO. For me, the interest of my investors is of paramount importance. Therefore, to protect investors from possible losses, we have withdrawn the FPO. This decision will have no impact on our current operations and future plans. We will continue to focus on timely execution. Gautam Adani further said that once the market stabilizes, we will review our capital and market strategy. We have a strong focus on ESG and will continue to create value in every way we do business. The strongest validation of our governance principles comes from our many international partnerships. Taking a dig at Adani's statement, Congress leader Jairam Ramesh said that Adani Group has argued for moral reasons behind withdrawing the FPO. To which Congress leader Jairam Ramesh said, Adani's talk of being morally right is like his mentor preaching humility and simplicity.

#WATCH | After a fully subscribed FPO, yday’s decision of its withdrawal would've surprised many. But considering volatility of market seen yday, board strongly felt that it wouldn't be morally correct to proceed with FPO:Gautam Adani, Chairman, Adani Group

(Source: Adani Group) pic.twitter.com/wCfTSJTbbA

— ANI (@ANI) February 2, 2023

For me, the interest of my investors is paramount & everything is secondary. Hence to insulate investors from potential losses we've withdrawn FPO. This decision will not have impact on our existing operations and future plans. We'll continue to focus on timely execution: G Adani pic.twitter.com/yXli35TOgL

— ANI (@ANI) February 2, 2023