Adani Shares Fall: Firm Denies NSDL’s Freezing of FPI Accounts

As per Adani Ports and Special Economic Zone Limited, the NSDL has not taken any such action.

Gautam Adani, chairman, Adani Group

(Photo: PTI)

Adani group companies saw a dip of about 5% to 18% in their shares on Monday, 14 June, following the National Securities Depository Limited’s (NSDL) reported freezing of three foreign fund accounts – all of which are among the top stakeholders in the Adani firms.

Adani Enterprises and Nifty 50-listed Adani Ports and Special Economic Zone plunged the most, dropping by 15% each.

In a statement, Adani Ports and Special Economic Zone Limited said that reports of NSDL’s action are “blatantly erroneous and done to deliberately mislead the investing community”, ANI reported.

The blocked foreign funds include Albula Investment Fund, Cresta Fund and APMS Investment Fund. As per The Economic Times, the widely reported freeze could be a result of insufficient disclosure of beneficial ownership-related information.

The funds have an investment of 435 billion Indian rupees in the Adani group companies, Reuters reported.

Speaking to CNBC TV18 later in the day, Albula Investment claimed that their account had not been frozen and remains fully operational.