Adani Enterprises shares fall 1.8% despite key IPO

77
1
Adani Enterprises shares fall 1.8% despite key IPO

The share price of Adani Group's flagship firm dropped early Wednesday morning, showing the downbeat sentiment among investors even after the company pulled off a key share sale with a last minute surge in demand.

Adani Enterprises Ltd., which completed a $2.5 billion follow-on stock sale Tuesday, fell 1.8% in Mumbai. Four of the 10 stocks that were tied to billionaire Gautam Adani were down.

The decline shows that Adani Enterprises latest fundraising isn't enough to restore investor confidence after US short seller Hindenburg Research s fraud allegations erased nearly 70 billion in market value from the group's stocks.

Adani Enterprises offered India's largest follow-on share sale and was fully subscribed on the final day, aided by a last minute surge in demand from institutional investors. Retail investors — who Adani was hoping to attract — were notably weak.

The final price for its offering is expected to be announced later Wednesday.

The Software is the secret to EV Success and isn't the secret.