Adani Group Share – Account Freeze Of 3 Foreign Funds Investing 43500 Crores In Adani Group – National Securities Depository Limited (NSDL) has frozen the records of three unfamiliar assets. These assets have put Rs 43,500 crore in Adani Group organizations. because of this news, the shares of Adani Group took a beating today.
Adani Group Share – Account Freeze Of 3 Foreign Funds Investing 43500 Crores In Adani Group
NSDL has frozen the records of three unfamiliar assets. These assets have put Rs 43,500 crore in Adani Group organizations. because of this there has been an enormous fall within the shares of Adani Group companies.
NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. consistent with the depository’s website, these accounts are frozen on or before May 31.
Shares of all listed companies fell
Due to this news, the shares of Adani Group took a beating today. Shares of Adani Enterprises fell 15 per cent to Rs 1361.25. Adani Ports and Economic Zone fell by 14 per cent, Adani Power by 5 per cent, Adani Transmission by 5 per cent, Adani Green Energy by 5 per cent, Adani Total Gas by 5 per cent.
So far, there has been no statement from the Adani Group regarding this. of these three funds are from Mauritius and are registered with SEBI as Foreign Portfolio Investors (FPIs). The three combined together hold 6.82 per cent in Adani Enterprises, 8.03 per cent in Adani Transmission, 5.92 per cent in Adani Total Gas and three .58 per cent in Adani Green.
Why the action taken
This action has been taken because of not giving enough information about the ownership. The account freeze means these funds can not sell the shares in their account or buy new shares.
The depositories handling foreign investors said that the action has been taken because of non-disclosure of sufficient information about the ownership taking advantage of these accounts under the Anti-Money Laundering Act (PMLA). Custodians usually give notice to their clients before such action, but if there’s no response from the fund, strict action is taken like freezing the account.