Adani Group stocks took a heavy beating 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. Adani Enterprises tanked 20% to trade at Rs 1,254 per share, Adani Ports plummeted 19%. Adani Power, Adani Green, Adani Total Gas, Adani Transmission were all down between 5%-20%.
The three accounts frozen by the NSDL included Albula Investment Fund, Cresta Fund, and APMS Investment Fund. These three FPI accounts together own more than Rs 43,500 crore worth of shares in four Adani Group companies, The Economic Times reported. The action could have been taken against the three FPI accounts for insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA), the report said. The accounts are believed to have been frozen on or before the end of last month. Freezing of the account will prevent the three FPI accounts from buying or selling shares of Adani Group companies. All the frozen accounts are based out of Mauritius.
Gautam Adani has recently taken the crown of Asian second-richest man, sitting behind Mukesh Ambani. The wealth of Gautam Adani has increased by $43.2 billion so far this year, taking his net worth to $77 billion. Adani is now the 14th richest person in the world, according to the Bloomberg Billionaires index.
The share price of Gautam Adani’s listed companies have seen a massive jump in the last one year, which according to the report has caught capital market regulator SEBI’s attention.
via India Infoline
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