Adani group shares rebound as it denies report of three FPI accounts frozen

Shares of Adani group companies rebounded from the day’s low as the group clarified that the three foreign funds- Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies are active.

“Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and, have their written confirmation vide its e-mail dated 14th June 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen,” said the press release issued by Adani Ports.

In late afternoon trade Adani Enterprises was trading at Rs 1,508 (down 5.84%) after it tanked 20.86% to Rs 1,267 in the early trade. Likewise, Adani Green Energy was back in the green and quoting at Rs 1,223.95 (up 0.51%) in morning trades it plunged 5% to Rs 1,165, while Adani Ports rebounded to Rs 761 (down 9.36%) after it slipped 13.88% to Rs 722.40.

Adani Transmission and Adani Total Gas were still locked in the lower circuit each quoiting 5% down at Rs 1,522.50 and Rs 1,544.90, respectively. Adani Power was also down 5% at Rs 140.90.

In morning trades Adani group companies plunged up to 21% after The Economic Times reported that National Securities Depository has frozen the accounts of three foreign portfolio investors including Albula Investment Fund, Cresta Fund and APMS Investment Fund. They together own over Rs 43,500 crore worth of shares of Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas.