The selling spree in Adani stocks began after a media report claimed that three foreign funds account with an investment of Rs43,500cr in Adani Group companies have been declared frozen by NSDL.
Even though, Adani Group, later on, called these reports "blatantly erroneous and is done to deliberately mislead the investing community."
However, the bearish stance in Adani stocks has barely gotten any breather.
On Thursday, Adani Total Gas, Adani Transmission and Adani Power settled at 5% lower circuit. This would be their fourth lower circuit this week.
Meanwhile, Adani Green Energy settled lower by 4.9%, whereas Adani Enterprises dived by 5.6% and Adani Ports slipped the most by 8.5%.
The news that NSDL has frozen three foreign funds accounts namely Cresta Fund, Albula Investment Fund and APMS Investment Fund - circulated on Monday and that was the beginning of downside in the Group's companies listed on exchanges.
The reports claimed that NSDL froze these foreign funds who have invested together about Rs43,500cr in four Adani Group companies - Adani Enterprises, Adani Green Energy, Adani Transmission, Adani Total Gas.
However, Adani Group later on Monday, called the accounts 'not frozen'.
Adani Group on Monday evening said, "We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group," adding, "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."
Later on Tuesday, NSDL also issued a statement saying, "The current status of the Demat accounts of the shareholders is available in the DPM (SHR) system. 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."
However, NSDL also stated that the above-mentioned Demat accounts are "Suspended for Debit".
Also, Adani stocks saw slight ease in the opening bell of Tuesday, however, these stocks scrapped their gains soon enough and continued to trade lower.
That said, Adani Group stocks have now tumbled for the fourth consecutive day.