In a surprise move, Adani Enterprises Ltd decided withdraw its Rs 20,000-crore follow on public offer (FPO) despite being oversubscribed. In a statement, the company said that the decision was taken by the board keeping in view the unprecedented situation and the current market volatility.

“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,” Gautam Adani  Chairman, Adani Enterprises said, adding that the fundamentals of the company continue to be strong.