courtesy: IndiaToday
Shares of Adani Group companies knock down sharply on the stock market after the National Securities Depository Limited took action against three FPIs that are among the top stakeholders in the firms.
All this six listed Adani group companies have dropped on stock exchanges to hit lower circuits after the development was reported.
On Monday at 11:30 am, the shares of Adani Enterprises were down 13.27 per cent at Rs 1,387.60 per share; Adani Green Energy was down 5 per cent at Rs 1,156.85 per share; Adani Total Gas was down 5 per cent at Rs 1,544.90 per share; Adani Transmission was down 5 per cent at Rs 1,522.50 per share.
It has noted that Adani Enterprises Limited shares might have reduced at 25 per cent to hit an full day low of Rs 1,201.10, down over Rs 400 from last week’s close of Rs 1,601.45.
The flagship company’s market cap on the Bombay Stock Exchange fell to Rs 1.4 lakh crore. These stocks have gained over 700 per in the last year, and at least 200 per cent since the beginning of this year.
According to the reports the shares of Adani groups fell because of, custodians who usually warn clients for such action, but the accounts can freeze if the associated FPIs do not respond or fail. A statement from the Adani Group regarding the matter is awaited.
It is a fast move to billionaire industrialist Mr. Gautam Adani, whose companies has witnessed a gradual rise on the side of domestic stock market since last year, it has helped him to become Asia’s second richest man.