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Gautam Adani said that given the state of the market, it would not be "morally acceptable" to continue with the 20,000 crore stake
The Reserve Bank of India (RBI) has sought information from local banks regarding their exposure to the Adani group of companies, according to reports.
Shares in the Adani group of companies fell sharply on Thursday ( FPO ) after the conglomerate run by businessman Gautam Adani decided not to proceed with a fully subscribed Follow-on Public Offer. The company said yesterday that it "aims to defend the interests of its investment community by returning the FPO funds and withdrawing the completed transaction" due to the exceptional scenario and current market volatility.
Addressing investors, Gautam Adani, chairman of the Adani Group, said that given the state of the market, it would not be "morally acceptable" to continue with the 20,000 crore stake.
Conglomerate's U-turn is expected to affect investor sentiment
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