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Adani stocks: Rs 1.59 trn market-cap wiped out

By BS Reporter
June 18, 2021 14:26 IST
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Six group stocks are down between 9 per cent and 22 per cent.

Gautam Adani

Photograph: Amit Dave/Reuters

Shares of the six listed Adani group stocks tumbled for the fourth day on Thursday, resulting in Rs 1.59 trillion market cap loss this week.

Adani Power, Adani Total Gas and Adani Transmission hit their 5 per cent lower trading limit for a fourth straight day.

 

Adani Ports and Adani Enterprises tumbled 8.5 per cent and 5.6 per cent respectively, while Adani Green Energy fell the least at 4.95 per cent.

The six group stocks are down between 9 per cent and 22 per cent this week following reports that the accounts of top foreign portfolio investors (FPIs) have been frozen, which the company, investors, and NSDL have clarified is not true.

The Adani group has termed the reports as “blatantly erroneous and done to deliberately mislead the investing community”.

Data available on NSDL’s website as on May 31 shows an ‘account level freeze’ on Albula Investment Fund, Cresta Fund, and APMS Investment Fund — Mauritius-domiciled FPIs that have sizable holdings in Adani group stocks.

On Tuesday, the Adani group disclosed a communication by NSDL that the demat accounts belonging to the three FPIs remained ‘active’ but are in “suspended for debit” status in terms of Sebi order dated June 16, 2016.

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