Adani Group stocks have had a volatile run this week. The stocks took a hit on June 14 after media reports said the National Securities Depository Ltd (NSDL) froze accounts of three foreign funds that were among the top stakeholders in the port-to-energy conglomerate, which denied such a development.
The next day the stocks rebounded after NSDL said the accounts remained active but mild selling pressure continued on June 16 amid a broader selloff on D-Street.
NSDL has indeed frozen accounts of the three foreign funds—Albula Investment Fund, Cresta Fund and APMS Investment Fund—but that pertains to some specific accounts and happened way back in June 2016.
The accounts were frozen on the orders of the Securities and Exchange Board of India (SEBI) in an unrelated case and have nothing to do with Adani Group companies, a senior NSDL official told Moneycontrol.
The reports of “frozen accounts” caused a stir and were being watched with a great deal of interest as the group as an extensive set of foreign investors.
As many as 556 global funds are invested in six Adani Group stocks, whose market value is roughly $3.52 billion, data compiled by Morningstar India shows.
ETF, index funds, mutual funds as well as Separate Account are among the funds invested in Adani Green, Adani Total Gas, Adani Transmission, Adani Power, Adani Enterprises, and Adani Ports.
As many as 286 domestic funds have cumulatively invested in Adani Group companies with a total market value of $0.450 billion. Morningstar data shows that the total exposure of both global and domestic funds stands close to $3.9 billion.
(Note: The portfolio disclosure norms for global funds are different. The market value for the international/global funds shared is based on data available on Morningstar’s system. Some of these exposures could also be backdated by a few months.)
Here is a list of the number of funds both domestic and global which have invested in the Adani Group companies:
Adani Green Energy: Market Cap Rs 1.8 lakh crore
Adani Total Gas: Market Cap Rs 1.5 lakh crore
Adani Transmission: Market Cap Rs 1.5 lakh crore
Adani Ports: Market Cap Rs 1.4 lakh crore
Adani Enterprises: Market Cap Rs 1.59 lakh crore
Adani Power: Market cap Rs 49,000 crore
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