Accounts of 3 FPIs owning Adani Group frozen by NSDL, stocks tumble

Adani Group
FILE PHOTO: The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS

Chennai: 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 foreign portfolio investors(FPI)- 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 Rs 43,500 crores ($6 billion) in Adani group companies, according to the report.

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

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