: Adani Group stocks tumble amid reports of NSDL freezing 3 FPI accounts #IndiaNEWS #Business New Delhi: Shares of Adani Group companies witnessed a massive drubbing in morning trade Monday. The shares

Adani Group stocks tumble amid reports of NSDL freezing 3 FPI accounts #IndiaNEWS #Business
New Delhi: Shares of Adani Group companies witnessed a massive drubbing in morning trade Monday. The shares of Adani Group tumbled up to 25 per cent. It happened amid reports that the National Securities Depository Ltd (NSDL) has frozen certain FPIs accounts that have holding in some of these firms.
Billionaire Gautam Adani’s group said Monday it has written confirmation that accounts of three foreign funds that are among its top shareholders are not frozen and reports to the contrary are ‘blatantly erroneous and misleading’.
Following the statement, shares of some of the group firms witnessed partial recovery from their early losses.
Adani Enterprises closed the day 6. 26 per cent lower at Rs 1,501. 25 and Adani Ports and Special Economic Zone tumbled 8. 36 per cent to close at Rs 768. 70 on the BSE.
During the morning trade, Adani Enterprises had tanked 24. 99 per cent to Rs 1,201. 10, while Adani Ports dived 18. 75 per cent to Rs 681. 50. Among others, Adani Green Energy dipped 4. 13 per cent to close at Rs 1,175. 95, Adani Total Gas fell five per cent to Rs 1,544. 55, Adani Transmission declined five per cent to Rs 1,517. 25 and Adani Power slumped 4. 99 per cent to Rs 140. 90. All these stocks hit their respective lower circuit limits during the trade.
According to media reports, the NSDL has frozen the accounts of three foreign funds which together own shares in four Adani Group companies. These accounts were frozen on or before May 31, the report said.
Adani Enterprises, the conglomerates flagship company, as also Adani Ports and Special Economic Zone, Adani Green Energy Ltd, Adani Transmission Ltd, Adani Power and Adani Total Gas Ltd in identical filings to the stock exchanges said the reports of NSDL freezing accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in the group firms were ‘blatantly erroneous and is done to deliberately mislead the investing community’.
“This is causing irreparable loss of economic value to the investors at large and reputation of the group,??? Adani Group said.
Given the seriousness of the issue and its consequential adverse impact on minority investors, ‘we requested Registrar and Transfer Agent, with respect to the status of the Demat Account(s) of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June, 2021, clarifying that the Demat Account(s) in which the aforesaid funds hold the shares of the company are not frozen’, the firms said.
“Initially, a news report on the Adani group triggered a weak start however the benchmark gradually recovered as the day progressed, thanks to noticeable buying in select index majors.

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