Gautam Adani suffers major setback, freezes Rs 43,500 crore shares

Jun 14 2021 12:09 PM
Gautam Adani suffers major setback, freezes Rs 43,500 crore shares

New Delhi: The Adani group led by Gautam Adani, India and Asia's second richest man, has suffered a major setback. This is because National Securities Depository Limited has frozen the accounts of three foreign funds Albula investment funds, Cresta Funds and APMS Investment Funds. They have shares worth over Rs 43,500 crore from four Adani Group companies. The news is no less than a setback for Gautam Adani. This has led to a sharp fall in shares of Adani's companies.

Many Adani companies have been engaged in lower circuits. Adani Enterprise's stock fell 10 per cent as trading started in the stock market, leading to a lower circuit. This was followed by a lower circuit in Adani Green. The three companies whose accounts have been frozen have 6.82 percent stake in Adani Enterprises, 8.03 percent in Adani Transmission, 5.92 percent in Adani Total Gas and 3.58 percent in Adani Green. According to the NSDL website, these accounts were frozen on or before May 31. With the freeze of accounts, these funds can no longer sell their account shares or buy new shares.

These three funds are registered as foreign portfolio investors in market regulator SEBI and run their operations from Mauritius. According to media reports, these companies have been taken to action for not providing adequate information about ownership. The Prevention of Money Laundering Act (PMLA) mandates full details of the benefited ownership.

Avocado remedies to save your skin and hair

Uttar Pradesh: TV Journalist Sulabh Srivastava found dead under mysterious circumstances

Subramanian Swamy asks for copy of PM’s speech in dig at ‘Andhbhakts and Gandhbhakts’