Mumbai (Maharashtra) [India], February 1 (ANI): Shares of Adani Group firms fell on Wednesday. However, the key market indices opened with gains as investors' sentiments were boosted over Union Budget expectations.

On Wednesday morning, shares of Adani Enterprises, the flagship firm of the group, fell 3.02 per cent to Rs 2,880.20 apiece on the BSE. In a span of five days, the shares were down 15 per cent. Adani Green declined 3.82 per cent to Rs 1,177.15 apiece and the shares had fallen about 38 per cent in a span of five days.

Adani Ports was down 1.33 per cent in the morning session to Rs 604.50 apiece. The shares were down about 18 per cent in a span of five days. Adani Wilmar's shares also dropped 2.25 per cent to Rs 455.95 apiece during Wednesday morning.

Meanwhile, the follow-on public offer (FPO) issued by Adani Enterprises has been fully subscribed on the last day on Friday. Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times. The portion for institutional investors was also oversubscribed.

Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the Rs 20,000 crore follow-on public offer (FPO), the largest ever in India.

A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings. There were concerns that the FPO may not receive a strong response from investors amid a report by a US-based Hindenburg Research that surfaced on January 24, which claimed the Adani Group of having weak business fundamentals among others.

The US-based firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. In response, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions. It added the report was "nothing but a lie". (ANI)