The stocks of various arms of the Adani conglomerate witnessed a turnaround on Tuesday after falling sharply on Monday. In morning trade on Tuesday, the share prices of Adani Transmission, Adani Power and Adani Gas decreased by 5% while the group’s renewable energy arm Adani Green was down by 2%.
Adani Enterprises rose marginally by about 0.45% and the share value of Adani ports increased by around 0.5%.
Some media reports had on Monday indicated that NSDL had frozen three Foreign Portfolio Investor(FPI) accounts that own the shares of the Adani group. These three investors- Albula Investment Fund, Cresta Fund and APMS Investment Fund in total own shares of about Rs 43,500 crore in different arms of the Adani Group- Adani Enterprises, Adani Green energy, Adani Transmission and Adani Total Gas. The news led to a bloodbath for the Adani Group with its market cap reduced by a whopping Rs 53,834 crore on Monday.
However, the securities depository later clarified that the accounts were not frozen. In an email to Adani officials, NSDL’s vice-president Rakesh Mehta said, “The status of demat accounts mentioned in your trail email are held in active status in NSDL system.”
These reports were denied by the Adani Group as well. In a statement, the conglomerate called the news reports “blatantly erroneous” which were deliberately misleading the investing community.
While the three FPI accounts continue to remain frozen on NSDL’s website, the action is related to older cases, some officials of NSDL told moneycontrol.com on the condition of anonymity.
