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

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  • 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.

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