Shares of all six listed Adani Group companies — Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas — were under pressure on Monday as they fell up to 20 per cent in intra-day trade on report that National Securities Depository Ltd (NSDL) has frozen accounts of three foreign funds that own stake in four of these group companies. CLICK HERE FOR NSDL LINKAccording to an Economic Times report, accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own over Rs 43,500 crore worth of shares in four Adani Group companies, were frozen on or before May 31, as per the depository’s website.
“The freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership under the Prevention of Money Laundering Act (PMLA),” the report mentioned. It further stated that custodians usually warn clients of such action but if the fund does not respond, or fails to comply, then the accounts can be frozen.
Among individual stocks, Adani Enterprises tumbled 20 per cent at Rs 1,281 apiece, followed by Adani Ports (down 18 per cent at Rs 681). Adani Transmission (Rs 1,517), Adani Power (Rs 140.90), Adani Green Energy (Rs 1,165.35) and Adani Total Gas (Rs 1,544.45) were locked in their respective 5 per cent lower circuit bands on the BSE with only sellers being seen on these counters. Most of these stocks had recently touched their respective record high levels after they outperformed the market in the past one year by surging multi-fold.