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Beleaguered Indian conglomerate Adani cancels $2.5 bn share sale: board

India's Adani denies rise due to Modi as shares slump again

The flagship firm of Indian tycoon Gautam Adani called off a $2.5 billon stock sale Wednesday after its share price slumped further following allegations of accounting fraud.

The offer had been fully subscribed after support from a Middle Eastern firm and reportedly fellow Indian tycoons but the company’s board said in a late-night statement it had “decided, in the interest of its subscribers, not to proceed” with the offer.


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Agence France-Presse (AFP) is a French state-owned international news agency based in Paris. It is the world's oldest news agency, having been founded in 1835 as Havas.

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