On the second day of Adani Enterprises’ follow-on share sale, the issue was subscribed to the extent of 3.1 per cent or 0.03 times, with investors subscribing to 13.99 lakh shares against the 455.1 lakh shares on offer.

There was virtually no interest from qualified institutional buyers with a subscription to only 4,576 shares against the 128.2 lakh shares on offer to them. Both the non-institutional and retail portions were subscribed to the extent of just over four per cent each.

Even the small portion reserved for employees was subscribed to the extent of just about 13 per cent.

The FPO will close on January 31. So far, anchor investors have pumped in ₹6,000 crore. Abu Dhabi-based International Holding Company has invested another ₹3,200 crore. Adani is hoping to raise ₹20,000 crore from the FPO.

On Sunday, Adani Group’s chief financial officer, Jugeshinder Singh, had told businessline that if the FPO fails, the company will postpone its expansion plans for 6-9 months. Over half of the ₹20,000 crore being raised will be invested in its new businesses such as green energy, airports and roads.

Mixed bag for stocks

Even as the Adani Group and Hindenberg Research - which precipitated the entire crisis - continued to trade barbs, on the stock markets it was a mixed bag for the seven listed Adani stocks.

Traders said Adani Enterprises got some support from institutional buyers and rebounded 10 per cent in early trades before finally closing 4.8 per cent higher at ₹2,892.85 on the National Stock Exchange. At Monday’s close, the stock is trading at a discount of ₹219 to the lower end of the price band of ₹3,112-3,276.

Adani Ports, which is also part of the Nifty50 index, ended flat after opening up nearly 4 per cent. Adani Green Energy, Adani Transmission, Adani Total Gas got hammered with the last two hitting the 20 per cent lower circuits. Adani Wilmar and Adani Power were also locked at their lower circuits of five per cent.

Newly-acquired New Delhi Television hit the lower circuit in the day’s trade, though ACC and Ambuja Cement were the gainers.

The benchmark Nifty50 index ended in the positive territory, after falling for three straight sessions.