Regarding cancellation of job

Sir , I was selected as wait listed candidate for the post of assistant executive engineer- civil in DSIIDC - a psu of govt of nct delhi. They had done my documents verification on May 2015 . During documents verification , the guy told dat our job was confirmed n we will get joining in 1-2 months. We also telephoned dem n dey kept telling initially dat file is under process n den told dat it will take tym but don't worry . We also met with the chief manager personnel twice n he also told within 1 months we will get joining letter , he also told our job is confirmed as der are 6 vacancies for dis post n we should relax. But on 4 Sept 2015 when we called him he told dat management has cancelled our recruitment . They told the reason dat financial condition of organization is not good dats why cancelling our recruitment . If the financial condition was not good they shouldn't have taken the exam n called for documents verification nor told dat our job is confirmed n will get joining in some days. Is dis ethically n morally right for the organization to cancel our recruitment in such fashion having been initially told all positive things.