Shares of Adani group companies have fallen again after halting billions of dollars in stock sales, after which it lost a total of $100 billion.
According to the French news agency AFP, the purpose of the sale of shares in Adani Enterprises was to raise about 2.5 billion dollars for debt reduction.
However, according to Bloomberg, small investors stayed away from the sale due to falling market value, but the Abu Dhabi-based international holding company was supported by fellow Indian tycoons Sajjan Jindal and Sunil Mittal.
Despite this, Adani Enterprises shares fell another 28.45 percent in Mumbai on Wednesday.
Adani Enterprises lost another 10 percent, leading to the suspension of trading in its shares and several other Adani companies.
The Adani Enterprises board said in a late night statement that it had decided not to go ahead with the share sale “in the interest of our customers” and that all payments would be refunded.
The firm said it would “not be ethically correct” to pursue the matter.
Adani itself issued a video statement on Thursday in which it said, “The fundamentals of our company are very strong, our balance sheet is healthy and our assets are strong.”
Adani’s decline in personal wealth has pushed him out of the Forbes list of the top 10 richest people and overtaken by partner Mukesh Ambani as Asia’s richest man.
Gautam Adani’s wealth decreased significantly after the allegations made by the American research company ‘Hindenburg Research’ on investments.
The US investigative firm has accused the Adani Group of being involved in a stock market manipulation and accounting fraud scheme spanning decades.
According to the American journal Bloomberg News, the market value of Adani Group decreased by 68 billion dollars in three days.