The Chief Financial Officer (CFO) of the Adani Group, Jugeshinder Singh, made a cryptic social media post on Thursday, hours after Hindenburg Research announced its sudden shutdown. In a post on social media platform, X, Singh wrote "kitne ghazi aaye, kitne ghazi gaye," which loosely translates to "many conquerors came, many conquerors have gone."
Gautam Adani said it would not be "morally correct" to go ahead with the Rs 20,000-crore share in current market condition.
Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times.
The research firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.
India's largest lender State Bank of India (SBI) said on Friday that its exposure to the Adani Group was well below the Reserve Bank of India's (RBIs) Large Exposure Framework and was secured by cash generating assets.
The maliciously mischievous, unresearched report published by Hindenburg Research on January 24 has adversely affected the Adani Group, our shareholders and investors, the Adani Group said in a statement on Thursday.
