The withdrawal of the Adani Enterprises share offering marks a stunning setback for Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses.
“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,” Adani said.
“Our balance sheet is very healthy with strong cashflows and secure assets, and we have an impeccable track record of servicing our debt. This decision will not have any impact on our existing operations and future plans,” the billionaire added in a statement to Indian exchanges.
Adani, whose global business interests span ports, airports, mining, cement and power, is battling to stabilise his companies and defend his reputation.
“Once the market stabilizes, we will review our capital…