Adani Group Shares Dive As Depository Freezes Foreign Investors' Accounts

Shares of Adani Enterprises have risen over 10-fold in the past year to Friday, while Adani Transmission shares have gained more than eight-fold.

Shares of Adani Group companies dropped on Monday after the National Securities Depository Limited (NSDL) froze the accounts of three foreign portfolio investors (FPIs) that are among the top stakeholders in the firms. NSDL froze accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. Albula Investment Fund owned 2.14 per cent stake in Adani Enterprises, Cresta Fund owned 2.98 per cent and APMS Investment Fund had 1.69 per cent in the Adani Group's flagship company. Likewise, Albula Investment owned 1.23 per cent stake in Adani Green and APMS Investment Fund had 2.34 per cent, data from BSE showed. Shares of Adani Enterprises fell as much as 25 per cent to hit an intraday low of Rs 1,201, Adani Power declined 5 per cent to Rs 141, Adani Ports and SEZ dropped 19 pr cent to Rs 681.50, Adani Total Gas tumbled 5 per cent to Rs 1,545, Adani Transmission declined 5 per cent to Rs 1,517 and Adani Green fell 5 per cent to Rs 1,165. The three funds feature among the top twelve investors and owned about 2.1 per cent to 8.91 per cent stakes in five Adani Group companies as of March 31, 2020, annual investor presentations show.