The share price of Adani Enterprises is in the spotlight on Tuesday, amid reports of a possible 20,000-crore follow-on public offer (FPO). Despite the FPO buzz in the market, the stock opened lower for the second day in a row. At the time of writing, this Adani stock was trading at Rs.3,597.60 per share, down 21.40 or 0.59% on the BSE. Its market capitalization has fallen to around 4.10 lakh crore.
Adani Enterprises board approved, the “raising of funds by way of a further public offering through a fresh issue of equity shares by the company aggregating up to ₹ 20,000 Crore.”
The stock has reached the day’s low of Rs.3,560.05 per share, representing a drop of more than 1.6% from the previous session.
This would also be Adani Enterprises’ second consecutive day of decline this week.
The Adani Group’s flagship company’s FPO filing has been circulating since last year. According to recent news reports, the FPO will be the largest ever held in the country.