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Adani Group shares trading mixed after NSDL clarification
Adani Group flagship Adani Enterprises on Monday closed down 6.3 per cent after plunging as much as 25 per cent over the report about National Securities Depository Limited.
Adani Group shares traded in the mixed zone on Tuesday, a day after clarification from the National Securities Depository Limited (NSDL) that the accounts of three foreign investor funds that own shares in the group companies were not frozen. Adani Enterprises share opened up 3.8 per cent at ₹1,559.00 against the previous close of ₹1,501.25, Adani Ports opened 4 per cent higher at ₹800.05 and Adani Green also opened in green on BSE.
However, Adani Power, Adani Total Gas and Adani Transmission were locked in their respective 5 per cent lower circuits on BSE while Adani Enterprises and Adani Oorts shed all early gains soon after the opening.
On Monday, Adani Group flagship Adani Enterprises closed down 6.3 per cent after plunging as much as 25 per cent, its steepest fall in nearly a decade over the National Securities Depository Limited report about the funds.
The Adani Group firms rejected reports about the National Securities Depository Limited (NSDL) freezing the funds' accounts and said it was "blatantly erroneous" in statements issued to stock exchanges. Adani Enterprises said the “report is done to deliberately mislead the investing community”. “This is causing irreparable loss of economic value to the investors at large and reputation of the group,” it said.
The NSDL website showed it had frozen as of May 31 the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund without citing a reason. The Adani firms said they had received an e-mail from the "Registrar and Transfer Agent" dated June 14 saying "that the Demat Account in which the aforesaid funds hold the shares of the company were not frozen".
Adani Enterprises stock has risen more than 10 times in the past year to Friday.
(With agency inputs)
