Adani Group shares fell 20 percent after NSDL freezes 3 FPI accounts
Published On: Monday, June 14, 2021 | By: Team KnowMyStock
Adani Group stocks fell 20 percent on Dalal Street today morning, hitting the lower circuit within the initial minutes of trade. The fall in Adani Group shares came after reports surfaced that National Securities Depository Limited (NSDL) froze three accounts of Foreign Portfolio Investors (FPI) that owned a significant stake in Adani Group Companies.As per an Economic Times report, NSDL froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own more than Rs 43,500 crore worth of shares in Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas. The freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA), said top officials at custodian banks and law firms handling foreign investors.
The group stocks rebounded from their respective lows on Monday after it dismissed the reports. Albula Investment Fund clarified that the fund is not blocked by any means and is fully operational within normal trading not just in India, but also abroad.
Adani Group companies said."It 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."
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
