Gautam Adani announced the cancellation of his company’s $2.5 billion stock offering.

After the stock of Adani Enterprises, the flagship of the Indian conglomerate Adani Group, plummeted by roughly 30%, he withdrew the offering.

“Today’s market has been unprecedented, and our stock price has varied throughout the day,” Adani stated to the reporters after breaking his silence. Given these unique circumstances, the Company’s board of directors determined that proceeding with the matter would be ethically wrong.”

Hindenburg Research, a short seller, said in a Jan. 24 report that “Adani Group has engaged in a flagrant stock manipulation and accounting fraud scheme.” The study goes on to express concerns about seven Adani firms’ debt and valuations.

Adani Group has disputed the charges, claiming they have “no validity” and are the result of a lack of knowledge of Indian law. The company also stated that it has always made the required regulatory disclosures.

The Securities and Exchange Board of India (SEBI) is rumored to be conducting a probe into Adani’s enterprises.

“From what I understand, a cancellation would result in a mandated SEBI probe,” Pramit Chaudhuri, Eurasia Group’s head of South Asia practice.

Like many others, Chaudhuri was “surprised” to see Adani abandon plans after reaching the $2.5 billion objective.

The surprising reversal culminates a week in which Adani went on a full-fledged campaign to assure the success of his share sale, under intense pressure from his dropping stock price.

Adani targeted high-net-worth people in India as well as the Middle East. The transaction was funded in part by International Holding Co., an Abu Dhabi-based corporation. It was largely perceived to be a vote of confidence. According to a source familiar with the case, Goldman’s trading department also engaged in the transaction. Adani Enterprises’ stock closed higher on Tuesday after the $2.5 billion sale was fully subscribed.

On Wednesday, investors were greeted with a bleak image as Adani Enterprises’ shares plummeted by as much as 28%, causing Adani to cancel his equity offer.

“We are working with our Book Running Lead Managers (BRLMs) to reimburse the escrow revenues as well as the money frozen in your bank accounts for subscribing to this issue,” Adani said.