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.
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.