GVK Group CFO Issac George said the stake sale could not proceed as planned due to a lower valuation and currently due diligence is undertaken by one of the investors. 

"Changi went back because of India story being bad like Vodafone retrospective tax and General Anti-Avoidance Rules (GAAR) introduction. Otherwise, a terms sheet was also signed with them," George said on the sidelines of the recently held company's Annual General Meeting in Hyderabad.