Indian billionaire Gautam Adani broke his silence and defended his industrial empire regardless of a cancelled $2.4bn share sale in the wake of a brief-seller assault.

Losses for Adani Group stocks escalated to $100bn on Thursday after the conglomerate’s flagship firm termed off the fairness challenge, declaring it would “not be morally correct” to continue presented the stock wipeout.

In a online video address launched shortly before marketplaces opened, founder Adani dismissed considerations about the group’s finances and claimed the conclusion not to go ahead with the fundraising for Adani Enterprises would “not have any influence on our existing operations and foreseeable future plans”.

He stated the sale experienced been halted to protect traders, who would if not have faced steep losses mainly because of the plunge in the company’s price due to the fact they signed up to the offer.

For me, the curiosity of my investors is paramount and everything [else] is secondary,” Adani claimed in the handle produced by the firm. “Hence to insulate the investors from likely losses, we have withdrawn the [sale].”

The group’s chair said that the company’s earnings and hard cash flows were being “very strong” and that it had “an impeccable keep track of file of satisfying our financial debt obligations”.

“Our harmony sheet is nutritious and property, strong,” Adani stated. “Once the sector stabilises, we will assessment our money industry technique.”

Adani Team stocks have now shed much more than Rs8.4tn ($102bn) considering the fact that shorter vendor Hindenburg Exploration accused the conglomerate previous week of applying offshore entities in tax havens to inflate the share costs of its detailed firms, enabling them to consider on a lot more debt and “putting the entire group on a precarious financial footing”. Adani Team has denied the allegations.

Shares of all 10 detailed firms managed by the conglomerate fell in early buying and selling in Mumbai on Thursday, however some recovered afterwards. Adani Enterprises dropped additional than 18 for every cent, while both of those Adani Transmission and Adani Ports fell 10 for each cent.

The determination on Wednesday to pull the share sale and refund buyers arrived following shares in Adani Enterprises fell to Rs2,179.75 ($27), far under the deal’s Rs3,112 floor value.

A number of Indian opposition MPs on Thursday demanded that parliament allot time to examine the promises produced by Hindenburg. Adani Group’s traders incorporate point out-owned entities this sort of as the Existence Insurance coverage Corporation of India and the State Lender of India.

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Adani made repeated endeavours to reassure traders in the guide-up to the share sale, such as releasing a 413-page response to the shorter seller’s allegations. It also enlisted some of India’s foremost tycoons to support get the adhere to-on giving across the line.

Anchor buyers which includes Abu Dhabi’s Global Keeping Corporation and London-listed Jupiter Asset Management had currently fully commited to purchasing 30 for every cent of the offering right before the community share sale began on Friday. IHC on Monday pledged to commit $400mn in the sale.

The provide-off has prompted some economical groups, together with Citigroup’s prosperity unit, to prevent accepting Adani securities as collateral for margin financial loans, according to one person with direct knowledge of the predicament.

Adani Team on Thursday also denied “market rumours” that shares in its cement-generating outfits, Ambuja Cements and ACC, had been pledged as collateral as aspect of acquisition finance and that the team was underneath strain to cover losses resulting from share rate falls.

Adani Group financial debt has also been strike by selling, with a greenback bond from Adani Ports maturing in 2024 dropping 20 cents to just under $.70 on the greenback on Wednesday, whilst a different bond maturing in 2024 from Adani Eco-friendly Electricity fell about 10 cents to $.67 on the greenback.