Hours after its shares crashed at the bourses, the Adani Group on Wednesday evening decided to call off its Rs 20,000 crore follow-on public offer (FPO), saying that money would be returned to the investors.

The decision was taken after a meeting of the company’s Board.

“The Board of Adani Enterprises Ltd decided not to go-ahead with the fully subscribed follow-on public offer (FPO). Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” a statement issued by Adani Enterprises said on Wednesday.

Adani Group Chairman Gautam Adani said, “The Board takes this opportunity to thank all the investors for your support and commitment to our FPO. The subscription for the FPO closed successfully yesterday. Despite the volatility in the stock over the last week, your faith and belief in the company, its business and its management has been extremely reassuring and humbling. Thank you.”

The statement, however, added that on Wednesday, the market was unprecedented, and “our stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the companya’s Board felt that going ahead with the issue would not be morally correct. The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO”.

(The story has been published via a syndicated feed.)