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Block, formerly known as Square, is a $44 billion market cap company that claims to have developed a "frictionless" and "magical" financial technology with a mission to empower the "unbanked" and the "underbanked".
The mobile service provider said it has been told told to issue 16.13 billion shares at 10 rupees each.
The withdrawal of Adani Enterprises' share sale marks a dramatic setback for Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses.
The fundraising is critical for Adani, not just because it will help cut his group's debt, but also because it is being seen by some as a gauge of confidence at a time when the tycoon faces one of his biggest business and reputational challenges.
India's richest man has issued a 413-page response to Hindenburg that has accused 'brazen stock manipulation and accounting fraud scheme over the course of decades'.
Bankers on the deal were considering extending the sale or cutting the issue price after shares of Adani plunged following a report from a US short seller, as per sources.
The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens, the group's lead head Jatin Jalundhwala said in a statement.
As per the report, seven Adani-listed companies have an 85 per cent downside on a fundamental basis due to what it called 'sky-high valuations'.
Soon after Adani's acquisition of NDTV's founder entity, Ravish Kumar, a senior executive editor of NDTV, resigned.
The stock was down 9% in pre-market trading on Tuesday after the company cut its annual sales forecast and posted its slowest quarterly growth, prompting at least six brokerages to cut their price targets.