Adani group shares tumble

Shares of Adani Transmission dived 5 per cent, Adani Total Gas Ltd dipped 5 per cent, Adani Power slumped 4.97 per cent and Adani Green Energy declined 3.10 per cent.

New Delhi: Shares of Adani group companies further tumbled on Wednesday, with Adani Ports falling up to 7 per cent. Adani Ports and Special Economic Zone tumbled 7.17 per cent and Adani Enterprises tanked 5.77 per cent on the BSE. Shares of Adani Transmission dived 5 per cent, Adani Total Gas Ltd dipped 5 per cent, Adani Power slumped 4.97 per cent and Adani Green Energy declined 3.10 per cent.

Three of the group firms — Adani Total Gas, Adani Transmission, and Adani Power — hit their respective lower circuit limits on Tuesday also. Shares of Adani group companies plunged on Monday after reports that the National Securities Depository Ltd (NSDL) froze the accounts of the three foreign funds that are among the top stakeholders in the firms.

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On Monday, the group said that accounts of three Mauritius-based funds that own the port-to-energy conglomerate’s stocks were not frozen amid reports to the contrary. Shares of Adani group firms closed on a mixed note on Tuesday. While Adani group said all the accounts of its top shareholder funds were active, NSDL in an email to the group had also confirmed their ‘active’ status. The listed companies in identical filings, on Monday, to the stock exchanges said the reports of NSDL freezing accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in the group firms were “blatantly erroneous and is done to deliberately mislead the investing community.”

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