Mumbai: All major Adani Group shares today plummeted in the BSE and NSE as the National Securities Depository Limited froze the accounts of three important foreign funds namely Albula Investment Fund, Cresta Fund and APMS Investment Fund effective May 31. These funds are registered in Mauritius and own shares if about Six Billion Dollars or Rs 43,500 Crore in various Adani group Companies. With the freezing of the accounts, the entities will not be able to sell or buy new securities.
Reports suggest that the NSDL froze the accounts because of insufficient disclosure of information relating to beneficial ownership under the Prevention of Money Laundering Act. The three funds collectively hold 6.82% in Adani Enterprises, 8.03% in Adani Transmission, 5.92% in Adani Total Gas, and 3.58% in Adani Green.
Adani Enterprises hit the lower circuit at about 10 am today and was trading at Rs 1213. Later, the stock bounced and was trading at Rs 1422 at 1.45 pm with 11 percent loss. Adani Ports which slumped to Rs 681 at 10 am, was trading at Rs 735 at 1.:49 pm with 12 percent loss. The three other group companies Adani Green, Adani Power and Adani Transmission also hit the 5 percent lower circuit.
Comments are closed.