Adani Group says it will not go ahead with IPO

Since a US investment firm made fraud claims, the group's companies have seen more than 90 billion wiped off their value. Adani denies the allegations.

According to Forbes real-time billionaires list, Adani is now the 15th richest person in the world, with a net worth of $74.7 billion. He was third on the list last week.

The market value for the group has fallen over $90 billion, according to Bloomberg, but shares plunged 26.7% on Wednesday.

The Company's board felt that going ahead with the issue would not be morally correct, according to the Adani GroupAdani Group after the market closed, after the market closed, the company would return the share sale proceeds due to the unprecedented situation and current market volatility.

The Board has decided not to go ahead with the FPO follow-on public offer because the interest of the investors is paramount, and he added that the FPO has an impeccable track record of servicing our debt. This decision will not affect our existing operations or future plans. Adani Group has hit back at the allegations against it and said it was evaluating remedial and punitive action against Hindenburg Research in the US and India.

In an interview with Mint newspaper, the chief financial officer of the group compared Hindenburg Research to General Dyer, the British officer in the Bengal army who was responsible for a massacre that killed hundreds of Indians in the city of Amritsar in 1919.