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NSDL freezes three accounts of Adani Group investors

NSDL on June 14 has frozen accounts of three FPIs of the Adani Group.

Mysuru: The National Securities Depository Ltd (NSDL) has frozen three account of Foreign Portfolio Investors which together comes to around Rs 43,500 crore on June 14 that have their investments in four Adani Group companies.

After news came out that the NSDL has frozen three accounts of foreign investments, shares of six listed Adani Group companies, Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Ports and Special Economic Zone, Adani Power fell by 20 percent in intra-day trade.

According to reports, accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund which collectively comes up to Rs 43,500 crore have been frozen by the NSDL on or before May 31, 2021. These three accounts are major investors in the Adani Group. Reports, further state that this freeze could be because of insufficient disclosure of information under Prevention of Money Laundering Act (PMLA).

Among individual stocks, Adani Enterprises fell by 20 percent at Rs 1,281 apiece followed by Adani Ports fell by 18 percent at Rs 681 apiece, followed by Adani Transmission fell at Rs 1,517 apiece, followed by Adani Total Gas fell at Rs 1,544.45 apiece.

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 say that Securities and Exchange Board of India (SEBI) has 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.

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.

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Sindhu Nagaraj

Global Business Line Team
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