shadow

Adani Group stocks had tumbled on Monday after a report claimed that the National Securities Depository Limited (NSDL) took action against three FPI accounts with major stakes in four listed companies of the conglomerate.

The flagship company of the group, Adani Enterprises, released a strong statement rejecting the report. A subsequent clarification has been issued by NSDL vice-president Rakesh Mehta, indicating that the three foreign funds are “active” and not frozen.

At 10:50 am, Adani Enterprises was trading 0.33 per cent higher at Rs 1,506.15 per share against the previous close of Rs 1,501.25. The company’s shares initially opened higher at 3.8 per cent on the Bombay Stock Exchange (BSE).

Shares of Adani Ports and SEZ were trading lower by over 0.80 per cent after opening 4 per cent higher. The stock was trading at Rs 762.40 per share on the BSE at 10.55 am.

There was little improvement in Adani Power, which was trading at 4.97 per cent at Rs 133.90 per share on the BSE. Adani Transmission and Adani Total Gas remained locked in their lower circuits, down 5 per cent.

The only Adani group company that has managed to gain is Adani Green Energy, which was trading 1.19 per cent higher at Rs 1,190 per share at 10:59 am.

WHY ADANI GROUP SHARES FELL YESTERDAY?

Shares of Adani Group collapsed yesterday after a report claimed that NSDL had frozen three foreign funds — Apms Investment Fund Ltd, Albula Investment Fund Ltd and Cresta Fund Ltd — that held shares worth Rs 43,500 crore in four of the conglomerate’s listed firms.

It created a panic wave and shares of all Adani Group companies tumbled.

The loss in market capitalisation also eroded billionaire industrialist Gautam Adani’s net worth. According to the Forbes Real-Time Billionaires list, Gautam Adani’s net worth has fallen to $69.7 billion, down by over $5 billion.

After several media reports surfaced, Adani Enterprises came out with a strong statement denying that the foreign funds were frozen by NSDL. Adani Group also sent a request to the NSDL via an email and asked it to confirm where the funds mentioned in the report were frozen or not.

NSDL clarified that it has not taken any action against the funds, and they are “active”.

“The status of Demat accounts mentioned in your trail email are held in ‘active’ status in NSDL system,” Rakesh Mehta, vice-president of NSDL told Adani Group.

It may be noted, however, that the NSDL website showed the accounts of these foreign funds were frozen. An unnamed official, quoted in a report by news agency Reuters, said the freeze is on accounts of the funds that hold certain other securities and is not new.

Author

India today

Leave a Reply

Your email address will not be published. Required fields are marked *