The Billionaire Gautam Adani said that the calling off Adani Enterprises Ltd.'s largest follow-on share sale in India was made to "insulate the investors from potential losses.

"The decision to withdraw it yesterday would have surprised many after a fully subscribed FPO. However, the board believed that it would not be morally appropriate to proceed given the market's turbulence from yesterday.

"The decision to withdraw it yesterday would have surprised many after a fully subscribed FPO. However, in light of yesterday's market turbulence, the board strongly believed that moving forward with the FPO would not be morally appropriate, he said in a speech to the company's shareholders on Thursday.

The decision won't affect current operations or future ambitions, the leader of the ports-to-mining business stated. "We'll keep putting our attention on completing and delivering projects on time. Our business has solid foundations. Our assets are strong, and our balance sheet is sound," he remarked. We have an excellent track record of repaying our debts, and our Ebitda levels and cash flows have been solid.

Even though the stock remained erratic following Hindenburg Research's allegations of "stock manipulation and fraud," the company's FPO was fully subscribed. 

Chief Financial Officer Jugeshinder Singh of the organisation responded by calling the article a "malicious combination of selective misinformation and stale, unsubstantiated, and discredited charges that have been tried and dismissed by India's highest courts."

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