NSDL freezes 3 FPI accounts owning Adani Group shares worth Rs 43,500 crore

In a major development, the National Securities Depository Limited has taken action against three FPI accounts owning shares worth Rs 43,500 crore in four listed Adani Group companies. Here is all you need to know.

The National Securities Depository Limited (NSDL) has taken action against accounts of three foreign funds that own a combined Rs 43,500 crore worth of shares in four listed Adani Group companies. The NSDL has frozen the account of Albula Investment Fund, Cresta Fund and APMS Investment Fund on or before May 31, as per the depository’s website. The action means that the funds would not be able to sell any of the existing securities or buy any new securities. The development is a blow to billionaire industrialist Gautam Adani, whose companies have witnessed a meteoric rise on the domestic stock market since last year. After the development was reported, shares of all six listed companies of the group plummeted on the stock market.