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.
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