On Monday, Adani Group’s stocks underwent massive selling pressure on the exchanges, with the flagship Adani Enterprises stock losing 15 percent to hit ₹1361.40 during the opening trade, whereas the Adani Ports and Special Economic Zone (APSEZ) also losing almost 15 percent to hit ₹717 on the National Stock Exchange (NSE).

 

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Various listed entities of the group such as Adani Total Gas, Adani Green Energy, Adani Transmission, and Adani Power hit the lower circuits at 5 percent with only sellers being on the counters. On Monday at NSE, ATGL hit ₹1544.90, AGEL hit ₹1156.85, ATL was at ₹1522.50, and Adani Power stood at ₹140.90. With the news of depository player National Securities and Depository Limited (NSDL) freezing accounts of three foreign portfolio investors (FPIs) hitting the streets, these FPIs held together shares worth ₹43,500 crores of four of the Adani Group firms including AEL, AGEL, ATL, and ATGL. The recent action made by the NSDL means that these FPIs wouldn't be able to sell or make fresh purchases of the securities.

Reports showed that the NSDL action may have been triggered by insufficient disclosures made by the FPIs on the beneficial ownership under the Prevention of Money Laundering Act (PMLA). Adani Group up till now has not given any official statement on the NSDL move and the huge reaction of the share prices on the exchanges.

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