Rechercher dans ce blog

Monday, June 14, 2021

Why shares of Adani Group plunged sharply - Times of India

NEW DELHI: The shares of Adani Group companies suffered a massive jolt on Monday. All stocks of the group hit their respective lower circuit limits during the trade resulting in massive loss of more than $6 billion in one day.
Adani Enterprises -- the flagship company of Adani Group -- closed 6.3 per cent or 100 points lower at Rs 1,501. Its shares had plunged as much as 25 per cent in morning trade -- dipping to as low as Rs 1,201, its steepest fall in nearly a decade.
Among others, Adani Green Energy dipped 4.13 per cent to close at Rs 1,176, Adani Total Gas fell 5 per cent to Rs 1,545, Adani Transmission declined 5 per cent to Rs 1,517 and Adani Power slumped 4.99 per cent to Rs 141. While, shares of Adani Ports and Special Economic Zone tumbled 8.36 per cent to close at Rs 769 on the BSE.
So, what triggered the massive plunge?
The plunge started in the morning trade after a media report said that the NDSL had frozen accounts of three foreign funds which together own shares in four Adani Group companies, having a total investment of Rs 43,500 crore. It said that the accounts were frozen on or before May 31.
NSDL's website showed the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund -- which are registered at the same address in Port Louis -- as being frozen without citing a reason.
Adani group issues statement
Alarmed by the development, the group released an official statement refuting the claims made in the report. The statement called the report "blatantly erroneous and misleading" and clarified that all accounts of its top shareholder funds were active.
In the statement, Adani Group said that the erroneous reports were causing irreparable loss of economic value to the investors at large and reputation of the group.
"Given the seriousness of the issue and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the Demat Account(s) of the aforesaid funds and have their written confirmation vide its e-mail dated June 14, 2021, clarifying that the Demat Account(s) in which the aforesaid funds hold the shares of the company are not frozen," the firm said.
NSDL confirms active status of demat accounts
The NSDL in an email to the group confirmed the 'active' status of the accounts. "The status of demat accounts mentioned in your trail email are held in 'Active' status in NSDL system," the email said.
A source at the Group told news agency PTI that the Registrar has in writing stated that the accounts that hold Adani group stocks have not been frozen. The accounts being shown has frozen on NSDL website are for different shareholdings.
Adani Enterprises stock has risen more than 10-fold in the past year to June 11, in a broad surge in shares in Adani Group companies that has made Gautam Adani the second richest Asian, behind Mukesh Ambani.
(With inputs from agencies)

Adblock test (Why?)


Why shares of Adani Group plunged sharply - Times of India
Read More

No comments:

Post a Comment

Govt’s fiscal consolidation plan to aid private sector, boost capex revival - Moneycontrol

Finance Minister Nirmala Sitharaman The 2024 Interim budget is based on the robust framework of “Viksit Bharat by 2047.” Driving this gr...