Indian clothing retailer Fabindia said it had withdrawn its Rs 40 billion ($482.43 million) initial public offering (IPO) due to poor market conditions. It became the latest to shelve listing plans as interest rate concerns weigh on stocks.

“The decision to withdraw was taken because the current market conditions were deemed unfavourable for the listing,” Fabindia said in a statement on Monday.

Fabindia is planning an initial public offering through a new issue of shares worth Rs 500 crore and the sale of up to 25.1 million shares to existing shareholders.

India’s benchmark Nifty 50 stock index has fallen more than 4% this year amid concerns that major central banks, including the Federal Reserve, will prolong the regime of high-interest rates as inflation continues to rise.

Fabindia’s listed rivals Vedant Fashions, Aditya Birla Fashion and Retail and Arvind Fashions have lost between 14% and 21% this year.

Fabindia plans to issue new shares worth Rs 5 billion and sell up to 25.1 million shares of existing shareholders. It intends to use the proceeds to repay debt and redeem non-convertible bonds.

“The divestment will allow Fabindia to explore other liquidity options. The company may reconsider filing for an IPO in the future, depending on its need for growth capital and market conditions,” the company said.

Jewellery retailer Joyalukkas, e-commerce company Snapdeal and wearable electronics company boAt have all called off their IPOs due to uncertain market conditions.

The 62-year-old Fabindia, famous for its sustainable traditional Indian attire, said several ESG-focused global funds expressed interest in investing in the company. It did not provide further details.