Explained: Why Adani Group shares fell sharply on stock market

Shares of Adani group companies plunged on stock exchanges to hit lower circuits after NSDL took action against three foreign funds that are among the top stakeholders in four of the conglomerate's listed firms.

Shares of Adani Group companies fell sharply on the stock market after the National Securities Depository Limited (NSDL) took action against three foreign funds that are among the top stakeholders in the firms. All six listed Adani group companies have plunged on stock exchanges to hit lower circuits after the development was reported. At 11:30 am, the shares of flagship Adani Enterprises were down 13.27 per cent at Rs 1,387.60 per share; Adani Green Energy was down 5 per cent at Rs 1,156.85 per share; Adani Total Gas was down 5 per cent at Rs 1,544.90 per share; Adani Transmission was down 5 per cent at Rs 1,522.50 per share.