courtesy Business Standard
Adani Group companies on Monday informed the stock exchanges that news reports on National Securities Depository Ltd has frozen the accounts of three foreign funds namely Albula Investment Fund, Cresta Fund and APMS Investment Fund, are openly false.
The group posted a statement saying that, “We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community.” According to the firm, these reports are causing irreversible loss of economic value to the investors at large as well as the organization.
The statement is not-withstanding, NSDL data has showed that the accounts of the three foreign portfolio investors are frozen.
Stocks of Adani Group companies took a pounding in morning trade on June 14, falling as much as 25 per cent on report that NSDL has frozen accounts of three foreign funds that owned stake in four of the group companies.
Analysts mentioned that, till there is more clarity on the issue and clarification, if any, from the company, investors should remain cautious and refrain from making any fresh investment in the related stocks.
As per the report given by moneycontrol, “Overall, the market-cap of Adani group stocks fell nearly by Rs 1.03 trillion today.”
According to the CNBC-TV18 reports, Albula Investment Fund has also clarified that the fund is not blocked by any means and is fully operational. It also mentioned that the fund are fully operational within normal trading not just in India, but also abroad.
At end it quoted as, “Reports of accounts being frozen are false and manipulative in nature.”