Adani Group, which had raised almost $6 billion from marquee investors such as Rajiv Jain's GQG Partners, Qatar Investment Authority and TotalEnergies since January last year, had plans of aggressively expanding its businesses. In February 2023, AEL withdrew its Rs 20,000-crore FPO, a day after it was fully subscribed, and decided to return the proceeds to investors. This came after a January 2023 report by Hindenburg Research, which accused Adani Group of significant governance issues. The report shaved half of the group's market capitalisation. The group had denied all the allegations. AEL's share prices, which were up 14% during the year-to-date 2024, ended down 1.33% at Rs 3,244.35 on Tuesday.