Adani's Morality Similar To His Prime Mentor's Humility: Congress

The Congress Thursday took a dig at Adani Enterprises over its decision to withdraw its Rs 20,000-crore share sale, saying Gautam Adani speaking of being "morally correct" is like his "Prime Mentor" preaching humility, sobriety and large-heartedness.

Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors.

Adani Group company stocks have lost over USD 90 billion in value since a US short seller made damning allegations.

"Given these extraordinary circumstances, the company's board felt that going ahead with the issue will not be morally correct," Gautam Adani, chairman of Adani Enterprises, said.

"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," Adani said.

Reacting to the remarks, Congress general secretary in-charge communications Jairam Ramesh said on Twitter, "Adani speaking of being morally correct is like his Prime Mentor preaching virtues of humility, sobriety and large-heartedness."

"This is ENTIRE political science," he said, also apparently taking a dig at Prime Minister Narendra Modi.

The Congress has been alleging that Prime Minister Modi and his government have been favouring the Adani group in various sectors.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)