Adani shares surge after foreign companies were frozen
The NSDL froze the accounts of the Albula investment fund (eif), Cresta Fund-and APMS Investment Fund of the party, without specifying the reason for the freeze.
Adani Group shares were down about 5% to around 25% on Monday after the National Securities Depository Ltd. (NSDL) froze the accounts of foreign funds that are at the top of the company’s key players. Conglomerate Adani Enterprises, which is the company’s hallmark, fell to 25%, the biggest drop in almost a decade. Nifty 50, listed in Adani ports and the Special Economic Zone, fell as much as 19% before carving out some losses.
The NSDL froze the accounts of the Albula investment fund (eif), Cresta Fund-and APMS Investment Fund of the party, without specifying the reason for the freeze.
Reuters was unable to transfer these funds to us. It wasn’t immediately clear if the drugs were working for the sites.
These three funds are among the top twelve investors and have between 2.1% and 8.91% equity in five Adani Group companies as of March 31, 2020, as well as annual investor presentations and notes.
The cost of participating in Adani Power, Adani Enterprises, Adani Green Adani Transmission Adani Total Gas Ltd has increased more than tenfold since the end of March 2020, reaching 569.32 billion rupees ($7.78 billion) on Friday, according to Reuters estimates.
It is consistent with the broad rise in Adani Group shares during a period when CHAIRMAN Gautam Adani, Asia’s second-largest, was second only to Mukesh Ambani, who is also chairman of the board of directors of oil and telecommunications conglomerate Reliance Industries.
Shares of Adani Enterprises rose more than 10-fold in the last year to Friday, while shares of Adani Transmission rose more than eight-fold and shares of Adani, a Total Gas Ltd. jumped 1,114%.
Adani Ports Ltd is up 148%, while Adani Green is up 267% and Adani Power is a jump of almost four times the previous year.
A representative for Adani said he did not immediately respond to a question seeking comment. India’s securities regulator, SEBI and NSDL did not respond to requests for comment.