Adani shares fall after report says a|cs frozen; erroneous, says group
Tribune News Service New Delhi, June 14 The shares of companies controlled by billionaire Gautam Adani went on a roller-coaster ride on Monday following a report that said accounts of three Mauritius-based funds owning a substantial portion of the group''s stocks were frozen. Experts flag quick rise The quick rise in Adani stock prices has been flagged by many analysts Adani Total Gas shares have risen three times this year Adani Enterprises'' shares up 213%, Adani Transmission 250%, Adani Power 183% The shares recovered after Adani Group companies made separate filings to Indian bourses, terming the newspaper report as "blatantly erroneous and done to deliberately mislead the investing community". The companies claimed they had confirmation from the Registrar and Transfer Agent that the demat account in which these funds held the shares was not frozen. But there was no reaction from Sebi and National Securities Depository Limited (NSDL) that would have set the matter to rest. The Adani Group stocks dived in the morning to hit the lower circuit after reports claimed that the NSDL had frozen the accounts of three Mauritius-based funds, which owned over Rs 43,500 crore in four Adani Group firms.
Adani shares fall after report says a|cs frozen; erroneous, says group
Tribune News Service New Delhi, June 14 The shares of companies controlled by billionaire Gautam Adani went on a roller-coaster ride on Monday following a report that said accounts of three Mauritius-based funds owning a substantial portion of the group''s stocks were frozen. Experts flag quick rise The quick rise in Adani stock prices has been flagged by many analysts Adani Total Gas shares have risen three times this year Adani Enterprises'' shares up 213%, Adani Transmission 250%, Adani Power 183% The shares recovered after Adani Group companies made separate filings to Indian bourses, terming the newspaper report as "blatantly erroneous and done to deliberately mislead the investing community". The companies claimed they had confirmation from the Registrar and Transfer Agent that the demat account in which these funds held the shares was not frozen. But there was no reaction from Sebi and National Securities Depository Limited (NSDL) that would have set the matter to rest. The Adani Group stocks dived in the morning to hit the lower circuit after reports claimed that the NSDL had frozen the accounts of three Mauritius-based funds, which owned over Rs 43,500 crore in four Adani Group firms.