Adani Group stocks slump as NSDL freezes accounts of 3 FPIs

Shares of Adani Group companies tumbled to their lower circuits on Monday as the National Securities Depository Ltd (NSDL) has frozen accounts of three foreign portfolio investors (FPI) holding shares in its group companies.

As per the NSDL website, the depository has frozen the accounts of Albula Investment Fund Ltd, Cresta Fund Ltd and APMS Investment Fund Ltd as of May 31, 2021. These three FPIs hold shares worth around Rs 43,000 crore in four of the group companies.

The development has impacted the investor sentiments and shares of the group companies which have largely been on an uptrend in the past few months, but slumped on Monday hitting lower circuits.

Around 11.05 a.m., shares of Adani Enterprises were trading at Rs 1,379.40, lower by Rs 222.05 or 13.87 per cent from its previous close.

Shares of Adani Ports and Special Economic Zone were trading at Rs 718.55, lower by Rs 120.25 or 14.34 per cent from its previous close.

Similarly, shares of Adani Green Energy, Adani Transmission and Adani Power also slumped 5 per cent to Rs 1,165.35, Rs 1,517.25 and Rs 140.90 per share, respectively.