Gujarat Exclusive > Adani shares plummet as NSDL freezes 3 FPI accounts

Adani shares plummet as NSDL freezes 3 FPI accounts

  • Together, these foreign funds have an investment of Rs 43,500 crore in four Adani Group companies; accounts may have been frozen due to inadequate disclosure under PMLA  

New Delhi: Shares of Adani Group companies plummeted on Monday amid reports of National Securities Depository Ltd (NSDL) having frozen the accounts of three foreign funds that had invested in these companies. The freeze could be likely because of insufficient disclosure by them under the Prevention of Money Laundering Act (PMLA).

The three funds, all based out of Mauritius, are Albula Investment Fund, Cresta Fund and APMS Investment Fund. Together, they have invested Rs 43,500 crores in four of six Adani Group companies. They are registered with Securities and Exchange Board of India (SEBI) as Foreign Portfolio Investors (FPI).

According to the website of the depository, the accounts were frozen on or before May 31. These funds will now not be make any sale or purchases. Following NSDL’s action, the shares of listed companies of Adani saw a fall.

The shares of Adani Enterprises fell 15% and reached Rs 1,361.25. Adani Ports and Economic Zone shares fell 14%, Adani Power 5%, Adani Transmission 5%, Adani Green Energy 5% and Adani Total Gas 5%. According to reports, all three funds are registered on the same address in Port Louis.

Steep rise in Adani Group shares in a year

Adani Group companies have seen a steep rise in the past one year, giving investors huge returns. Riding on this success, group promoter Gautam Adani became the second richest Asian, replacing Zhong Shanshan of China. Reliance Group promotor Mukesh Ambani continues to occupy the first position.



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