Adani Group stocks nosedive after NSDL freezes accounts of major funds

New Delhi, June 14 (SocialNews.XYZ) The Adani Group stocks hit the lower circuit on Monday after the the National Securities Depository Ltd. froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund effective May 31.

As per reports, the funds, registered at the same address in Mauritius, own more than Rs 43,500 crore or $6 billion in four Adani group firms. The frozen accounts won't be able to sell or buy new securities.

As per reports, the freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership under the Prevention of Money Laundering Act (PMLA)

Adani stocks have been rising phenomenally and added over $40 billion to Gautam Adani's wealth this year.

All the three funds, based out of Mauritius together hold 6.82 per cent in Adani Enterprises, 8.03 per cent in Adani Transmission, 5.92 per cent in Adani Total Gas, and 3.58 per cent in Adani Green.

Adani Enterprises was down more than 19 per cent, Adani Ports was down 16 per cent, while Adani Green, Adani Power and Adani Transmission were down by 5 per cent each.

The development has impacted the investor sentiments and shares of the group companies which have largely been on an uptrend in the past few months, but slumped on Monday hitting lower circuits.

Around 11.05 a.m., shares of Adani Enterprises were trading at Rs 1,379.40, lower by Rs 222.05 or 13.87 per cent from its previous close.

Shares of Adani Ports and Special Economic Zone were trading at Rs 718.55, lower by Rs 120.25 or 14.34 per cent from its previous close.

Similarly, shares of Adani Green Energy, Adani Transmission and Adani Power also slumped 5 per cent to Rs 1,165.35, Rs 1,517.25 and Rs 140.90 per share, respectively.

Source: IANS