“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.
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“Once the market stabilises,we will review our capital market strategy,” he added.
A report by Hindenburg Research last week alleged improper use by the of offshore tax havens and stock manipulation by the Adani Group. It also raised concerns about high debt and the valuations of seven listed Adani companies.
The January 24 report has since triggered a $US86 billion erosion in market capitalisation of seven listed Adani Group companies.