Adani Group stocks extend slide despite clarification on 3 foreign funds account

Three stocks namely Adani Transmission, Adani Total Gas and Adani Power were frozen to a 5% lower circuit for the third consecutive days.

Jun 16, 2021 01:06 IST India Infoline News Service

Bear Market
Adani Group's listed companies further extended their slide on Wednesday despite the Group has given clarification on three foreign funds account that was reportedly said to have been frozen by NSDL, however, the accounts were later clarified as 'active'. In another development, Adani Ports was in the news after Fitch Ratings affirmed its IDR rating and gave a negative outlook.

At around 1.19 PM, Adani Enterprises was trading at Rs1531.80 per piece down by 0.4%, while Adani Green was trading at Rs1199 per piece down by 0.8%. Three stocks namely Adani Transmission, Adani Total Gas and Adani Power were frozen to a 5% lower circuit for the third consecutive days.

Adani Ports, meantime, was trading at Rs733.15 per piece down by 3.7% on Sensex. Fitch Ratings has affirmed India-based port operator Adani Ports and Special Economic Zone Limited's (APSEZ) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Negative.

Earlier, this week, Adani Group stocks were in focus as media reports circulated saying that NSDL had frozen the accounts of the three FPIs who have invested together about Rs43,500cr in four Adani Group companies - Adani Enterprises, Adani Green Energy, Adani Transmission, Adani Total Gas.

Later, on Tuesday, NSDL clarified, "As may be verified from the said system, the status of Demat accounts mentioned in your trail email is held in 'Active' status in NSDL system."

On Monday, Adani Group said, "Given the seriousness of the article and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen."

These three foreign funds accounts were - Cresta Fund, Albula Investment Fund and APMS Investment Fund.

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