Adani Group, Gautam Adani Suffer Huge Losses After NSDL Freezes 3 FPI Accounts

Adani Group, Gautam Adani Suffer Huge Losses After NSDL Freezes 3 FPI Accounts Gautam Adani and Adani group of Industries suffer huge losses after NSDL freezes 3 FPI accounts on June 14, 2021. (Source: PTI File)

New Delhi: Shares of Adani Group companies witnessed a massive drubbing in morning trade on Monday, tumbling up to 25 per cent, amid reports that the National Securities Depository Ltd (NSDL) has frozen certain FPIs accounts that have holding in some of these firms. Gautam Adani, the promoter of the Adani Group of companies, lost more than $7 billion of his personal wealth within an hour of the Opening Bell on Dalal Street on Monday. The second richest man in the country and 14th in the world, has $77 Billion worth of personal wealth, according to Bloomberg Billionaires Index as of June 14, 2021.

As soon as the floor opened for trade, Adani Enterprises tumbled 24.99 per cent to Rs 1,201.10, Adani Ports and Special Economic Zone plummeted 18.75 per cent to Rs 681.50 on the BSE.

Among others, Adani Green Energy dipped 5 per cent to Rs 1,165.35, Adani Total Gas fell 5 per cent to Rs 1,544.55, Adani Transmission declined 5 per cent to Rs 1,517.25 and Adani Power slumped 4.99 per cent to Rs 140.90.

All these stocks hit their respective lower circuit limits.

According to media reports, the National Securities Depository Ltd froze the accounts of three foreign funds which together own shares in four Adani Group companies.

The three overseas funds — Albula Investment Fund, Cresta Fund and APMS Investment Fund — together own over Rs 43,500 crore worth of shares in four Adani Group companies. These hold shares of Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas.

These accounts were frozen on or before May 31, the PTI report added.

(With inputs from PTI)

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