Shares of Adani Enterprises fell nearly 2% to Rs 3,577.50 on the BSE in firm intraday trade on Wednesday. In contrast, the S&P BSE Sensex rose 0.32% to 60,847 at 10:29 am.

Shares of Adani Group’s flagship company have slumped 14% over the past month ahead of its follow-on public offering (FPO), which aims to raise up to Rs 20,000 crore.

The stock hit an all-time high of Rs 4,189.55 on December 21, 2022. The S&P BSE Sensex has fallen less than 1% over the same period.

On November 25, 2022, the board of directors of Adani Enterprises approved the company further to raise funds through the issuance of new shares.

According to a report by Business Standard, Adani Enterprises plans to launch the FPO ahead of the Union Budget on February 1 due to a positive response from global investors in the ongoing roadshow.

Other media reports said the company filed its FPO filing with the stock exchange on Monday.

Adani Enterprises is one of the largest conglomerates in India. The company’s business investments revolve around airport management, technology parks, roads, data centres and water infrastructure.

As the flagship entity and incubator of the Adani Group, the company provides financial assistance to various entities of the Adani Group as required in the form of corporate guarantees/revolving interest-bearing inter-company deposits/loans/advancements.