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Adani Group Shares Tumble On Reports Of FPI A/cs Owning Adani Stocks Being Frozen
Adani Group company stocks including the likes of Adani Enterprises, Adani Transmission, Adani Total Gas and Adani Green have all tumbled in early trade on June 14, 2021 to hit their lower circuit limit, respectively as given in the table below:
| Adani Group stock | Last price change in % | Last trading price |
|---|---|---|
| Adani Enterprises | 10% lower circuit | Rs. 1441.45 |
| Adani Transmission | 5% lower circuit | Rs. 1522.5 |
| Adani Total Gas | 5% lower circuit | Rs. 1544.9 |
| Adani Green | 5% lower circuit | Rs. 1156.85 |
This is after the depository NSDL has frozen the accounts of 3 foreign funds namely Albula Investment Fund, Cresta Fund and APMS Investment Fund - which on an overall basis own a sizeable stake in these 4 Adani group companies, worth over Rs.43,500 crore.
As per the depository's website the accounts were frozen on or before May 31 said the ET report. Further the report quoted top officials at custodian banks and law firms managing foreign investors as saying "The freeze on the three accounts could be because of insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA)".
Together the stake of these 3 FPIs in Adani Enterprises amounts to 6.82%, 8.03 per cent in Adani Transmission, 5.92 per cent in Adani Total Gas and 3.58 per cent in Adani Green.
Al these FPIs are registered at the same address in the capital city of Mauritius, Port Louis.
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