Adani stocks tumble further, three of six hit lower circuit

Topics Adani Group | stocks | FPIs

The Adani group stocks extended losses on Wednesday. Adani Power, Adani Total Gas and Adani Transmission hit their 5 per cent lower trading limit for a third straight day. 

Adani Ports and Adani Enterprises tumbled 7.2 per cent and 5.8 per cent respectively, while Adani Green Energy fell the least at 3.1 per cent. 

The six group stocks are down between 4.5 per cent and 16 per cent this week following reports that the accounts of top foreign portfolio investors (FPIs) have been frozen, which the company, investors and NSDL have clarified is not true. 

The Adani group has termed the reports as “blatantly erroneous and done to deliberately mislead the investing community”. Data available on NSDL’s website as on May 31 shows an ‘account level freeze’ on Albula Investment Fund, Cresta Fund, and APMS Investment Fund —Mauritius-domiciled FPIs with combined investments of ~30,000 crore in Adani group companies. 

On Tuesday, the Adani group disclosed a communication by NSDL that the demat accounts belonging to the three FPIs remained ‘active’ but are in “suspended for debit” status in terms of Sebi order dated June 16, 2016.


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