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Adani shares fall after India securities depository freezes foreign funds’ accounts – The Hindu

Shares of Adani group companies fell by about 5% to 18% on Monday, after the National Securities Depository Ltd (NSDL) froze the accounts of three foreign funds that are among the top stakeholders in the firms.

Adani Enterprises and Nifty 50-listed Adani Ports and Special Economic Zone were the top losers, plunging more than 15% each.

The NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, its website shows without citing a reason for the freeze.

The freeze on the three accounts could be because of insufficient disclosure of information related to beneficial ownership, according to a report in the Economic Times.

The funds have an investment of ₹435 billion ($6 billion) in Adani group companies, according to the report.

An Adani spokesperson did not immediately respond to a request seeking comment. Reuters was unable to reach NSDL for comment.