Embattled Indian billionaire Gautam Adani called off his flagship company's $2.5 billion share share late Wednesday after a tumultuous week saw his conglomerate shed tens of billions of dollars in market value after claims of fraud from a U.S.-based short-selling firm.
Citing a volatile market and an unprecedented situation, the Adani Group said in a statement it decided not to go ahead with its share sale — which was preliminarily sold out as of Tuesday — and will return the proceeds from the offering.
