'Too expensive at ₹3,200 when you can...': Mahua Moitra's jibe at Adani FPO

Gautam Adani, in a rare address to investors, said his flagship firm withdrew its $2.5 billion share sale to insulate investors from potential losses.

Trinamool Congress MP Mahua Moitra on Wednesday hit out at billionaire Gautam Adani after his flagship firm called off its $2.5 billion share sale as a rout sparked by a US short-seller's report wiped billions more off the value of the Indian tycoon's stocks.

TMC MP Mahua Moitra.(PTI)

Amid reports claiming Adani Group likely bought into its own $2.5 billion share sale that was abruptly called off on Wednesday, Mahua Moitra, in a swipe at the billionaire, tweeted, “Too expensive to buy your own shares at ₹3200 when you can buy them from market at ₹2000!”

“‘Joke is on us’. Keep fooling @SEBI_India & don’t disclose source of money. Rampant market manipulation doesn’t make one “stand by its investors”.

The TMC leader also took a swipe at those voicing their support for Gautam Adani on Twitter with the hashtag "IndiaStandsWithAdani" in response to losses for Adani group stocks since last week's Hindenburg Research report, which flagged concerns over its debt levels and use of tax havens.

The Lok Sabha member said, “Clearly patriotism of all bhakts who were “standing with Adani” was limited to retweeting hashtags rather than buying Adani stock on the market!"

On Thursday, Adani, in a rare address to investors, said his flagship firm withdrew its $2.5 billion share sale to insulate investors from potential losses. He said the board felt it would not be “morally correct” to proceed with the follow-on public offering (FPO).

“After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, our board strongly felt that it wouldn't have been morally correct to proceed with FPO,” Adani said.

“For me, the interest of my investors is paramount and everything is secondary. Hence to insulate investors from potential losses we have withdrawn FPO,” he added, insisting that the decision will not have an impact on the group's existing operations and future plans.