As shares tumble, Adani denies 3 fund accounts were frozen by NSDL

TIL Desk/Business/Mumbai/ Shares of Adani group companies witnessed a massive drubbing in morning trade on Monday, tumbling up to 25 per cent, amid reports that the National Securities Depository Ltd (NSDL) has frozen certain FPIs accounts that have holding in some of these firms.

Billionaire Gautam Adani’s group on Monday said it has written confirmation that accounts of three foreign funds that are among its top shareholders are not frozen and reports to the contrary are “blatantly erroneous and misleading”. Following the statement, shares of some of the group firms witnessed partial recovery from their early losses.

Adani Enterprises closed the day 6.26 per cent lower at Rs 1,501.25 and Adani Ports and Special Economic Zone tumbled 8.36 per cent to close at Rs 768.70 on the BSE. During the morning trade, Adani Enterprises had tanked 24.99 per cent to Rs 1,201.10, while Adani Ports dived 18.75 per cent to Rs 681.50.

Among others, Adani Green Energy dipped 4.13 per cent to close at Rs 1,175.95, Adani Total Gas fell 5 per cent to Rs 1,544.55, Adani Transmission declined 5 per cent to Rs 1,517.25 and Adani Power slumped 4.99 per cent to Rs 140.90. All these stocks hit their respective lower circuit limits during the trade.