Adani bonds hit distress level after Adani Group decided to withdraw the Rs 20,000 crore FPO. In a dramatic U-turn, Adani Group on Wednesday evening announced its decision to pullback what was hailed as India’s biggest FPO which was oversubscribed during the three days long bidding window from 27th January to 31st January 2023. In less than 10 days since publication of the Hindenburg report on January 24th Adani Group has lost a massive $100 billion in market cap according to reports.
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