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After a day’s downward trend, Adani’s stocks rise after NSDL confirms that FPI accounts are not frozen, and that they are active.
Mysuru: Adani stocks have bounced back after the National Securities Depository Ltd (NSDL) confirmed that the three Foreign Portfolio Investment (FPI) accounts are not frozen.
As the markets opened on June 15, the share price of Adani Ports was up by one percent, and Adani Enterprises had a two percent head start.
Accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund which collectively comes up to Rs 43,500 crore were frozen by the NSDL on or before May 31, 2021, because of which Adani stocks fell by 20 percent on June 14. After Gautam Adani termed the whole operation as erroneous, the NSDL later in the day confirmed that the three FPI accounts stand not frozen.
The three FPI accounts have invested in Adani Group companies, Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Ports and Special Economic Zone, Adani Power.
Shares of Adani Companies Group has risen exponentially in the last one year despite the pandemic. This rise in the shares also pushed Gautam Adani to the spot of the second richest man in Asia after Mukesh Ambani.
Reports also said that Securities and Exchange Board of India (SEBI) had launched an investigation into the stock price movement of Adani companies. This news has caused the National Stock Exchange (NSE) Nifty 50 index fell by 0.24 percent to 15,762.60 points and the Bombay Stock Sensex (BSE) Sensex index fell by 0.13 percent to 52,396.98 points on June 14.
The six listed Adani Group companies have a combined market capitalization of Rs 8.36 trillion as of May 21, 2021. Subsequently, Gautam Adani is the 14th richest businessman in the world with a net worth of $66.5 billion.
