Adani Enterprises shares at lowest since March 2022

Billionaire Gautam Adani, facing allegations of pulling off the 'largest fraud' in corporate history, on Thursday issued a video message to investors, explaining the decision behind his flagship firm, Adani Enterprises, withdrawing a fully subscribed follow-on public offer (FPO). Now drop of nearly 23% on Thursday, the flagship firm's shares were at their lowest since March last year. Among other companies of the group, Adani Total Gas, Adani Green Energy each lose 10%, and Adani Transmission and Adani Ports and Special Economic Zone sheds 5%.

The matter has also turned political, with several opposition party MPs demanding a discussion on the issue, in the ongoing budget session of Parliament.Meanwhile Adani, until recently the third-richest person in the world and the richest from Asia, is no longer among the ten wealthiest people, and has also lost the crown of the richest Asian to fellow Indian billionaire Mukesh Ambani. The State Bank of India has given total loans of around $2.6 billion to the scandal-hit group, reports said, citing people familiar with the matter. The amount is about half of what is allowed under rules.