BusinessStock Market

Adani Group Stocks Shed $6 Billion Despite Rejecting Reports On Investors

1 Mins read
adani
  • Adani Group flagship Adani Enterprises closed down 6.3 percent after plunging the maximum amount as 25 percent, its steepest fall in nearly a decade.

Shares in companies controlled by billionaire Gautam Adani shed quite $6 billion on Monday despite rejecting media reports that said accounts of three investor funds that own stocks had been frozen.
Adani Group flagship Adani Enterprises closed down 6.3 percent after plunging the maximum amount as 25 percent, its steepest fall in nearly a decade.

The freezing of the three accounts was first flagged in a piece of writing within the Economic Times on Monday.

The Adani Group firms involved rejected reports about the NSDL freezing the funds’ accounts as “blatantly erroneous” in identical statements issued to stock exchanges.

The NSDL website showed it had frozen as of May 31 the accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund, without citing a reason.

The Adani firms said that they had received an e-mail from the “Registrar and Transfer Agent” dated Flag Day saying “that the Demat Account during which the aforesaid funds hold the shares of the corporate wasn’t frozen”.

The NSDL and securities regulator SEBI didn’t answer requests for immediate comment.

Reuters was unable to succeed in the funds for comment.

Shares of Adani Ports ended down 8.5 percent after falling the maximum amount of 19 percent.

While Adani Green Energy clawed back most losses to finish slightly lower, Adani Total Gas, Adani Transmission, and Adani Power shed 5 percent.

Related posts
Economy

A $43 billion jump in Gautam Adani’s fortune is fraught with many risks

1 Mins read
A rally within the stocks of companies controlled by Indian billionaire Gautam Adani has added almost $43 billion to his wealth this year, catapulting him to the spot of the second-richest person…
Stock Market

Every Rs10,000 invested in Adani’s listed firms last year is now worth Rs52,000

1 Mins read
The market price of Adani’s listed firms has grown over 5 times within the last year. The group’s listed companies’ market capitalization has increased from ₹1.64 lakh crore to ₹8.5 lakh crore during this time. Four out of…
BusinessStock Market

Rs 114 to Rs 1,293(adani gas): This stock turned into a multibagger in one year

2 Mins read
Adani Total Gas share has become a multi-bagger in last year. The energy sector stock has risen over 11 times during the amount. An investment of Rs 1 lakh during this stock on…
Get the latest updates by subscribing to us

Subscribe to us for getting the benefits of climbstreet and latest updates

Leave a Reply

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