Don’t use credit cards like this!
Do you pay only the minimum amount due on your credit card? How can your debt burden increase just by paying the minimum amount due? Watch this video to know
Shares of Adani group companies plunged up to 21% in early trade on Monday after ET 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
Following the development, Adani Enterprises tanked 20.86% to Rs 1,267 in the early trade. On the other hand, the benchmark BSE Sensex traded 466 points, or 0.89%, lower at 52,008 at around 9.35 am (IST). Adani Green Energy plunged 5% to Rs 1,165, while Adani Ports slipped 13.88% to 722.40.
Adani Transmission and Adani Total Gas each traded 5% down at Rs 1,517.25 and Rs 1,544.55, respectively. Adani Power was also down 5% at Rs 140.90.
The three funds are registered with the Sebi as foreign portfolio investors (FPIs) and are based out of Mauritius. The report further added that these accounts were frozen on or before May 31.
Shares of Adani Enterprises have gained 956% during the past one year, Adani Total Gas have advanced 1,114%, Adani Transmission has jumped 701%, Adani Power 292% and Adani Green Energy 269%.
Following the rally in stocks, the total market capitalisation of Adani group spiked to over Rs 9.50 lakh crore as of June 11, 2021 from Rs 1.9 lakh crore in June last year. With a total net worth of $77 billion, chairman of Adani group Gautam Adani is the second richest individual in India after RIL’s Mukesh Ambani ($84.3 billion).