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Adani Group

Adani calls off $2.5bn share sale in latest blow

Move comes after short-seller attack wiped off $85bn from group stocks

BENGALURU -- The Adani Group called off the $2.5-billion secondary share sale by its flagship company after a short seller's scathing allegations triggered a rout in the value of the conglomerate's stocks that deepened to around $85 billion on Wednesday.

Around a day after the offer was fully subscribed, the group's billionaire chairman Gautam Adani said in a statement to the stock exchange that the company's board "felt that going ahead with the issue will not be morally correct."

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