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Adani had set a floor price of INR 3,112 (USD 38.22) and a cap of INR 3,276 per share, while Adani Enterprises closed at INR 2,761.45 on Friday.

The other option being considered is to lower the price, which could be as much as 10%, according to sources.

A decision was expected for Monday, sources said.

Sumit Agrawal, Managing Partner at Regstreet Law Advisors and former Director of India’s Capital Markets Regulator said:

Nearly 470,160 of the 45.5 million shares on sale were bid by mostly individual investors at the end of the first day of the stock sale, according to data from the Indian Stock Exchange.

The sale is being managed by Jefferies, SBI Capital Markets of India, ICICI Securities and others. They did not immediately respond to a request for comment.

A fourth source said that Adani management is also discussing a stake sale internally to determine its next steps.

The Hindenburg report questions how the Adani Group used offshore tax haven entities such as Mauritius and the Caribbean. Adani’s major publicly traded companies have “large amounts of debt”, putting the entire group in a “precarious financial position”, it said. Adani’s US$2.5bn stake sale bankers consider price cut after delay, loss

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