Shares of Adani group companies took a hit on June 14 after reports of the National Securities Depository Ltd (NSDL) froze the accounts of three Foreign Portfolio Investors' (FPIs) that own shares in four of the listed Adani firms. These three FPIs together own shares worth more than Rs 43,500 crore.
However, the accounts of three foreign funds that are big stakeholders of Adani group companies are not frozen, a top official of the National Securities Depository Ltd (NSDL) informed the port-to-energy conglomerate.
The stocks of Adani Ports (down 8.36 percent), Adani Enterprises (down 6.26 percent), Adani Total Gas (down 5 percent), Adani Transmission (down 5 percent), Adani Power (down 5 percent) and Adani Green Energy (down 4.13 percent) all ended in the red.
The fall in stock prices has eroded Rs 53,834 crore net worth (market cap) of the Adani Group in a day on June 14, 20201, according to ACE Equity data. The group’s market cap ended at Rs 8,97,602 core on Monday resulting in nearly 6 percent loss from the previous close at Rs 9,50,897 crore.
Despite the downward spiral, Gautam Adani’s ranking as the second richest Indian on the Forbes list has not changed. Adani continues at the second position, after Mukesh Ambani and above Shiv Nadar, according to the Forbes real-time list of richest billionaires, as on June 14, 8 pm IST.
The Adani group in a statement has said that reports pertaining to the freezing of three foreign funds: Albula Investment Fund, Cresta Fund and APMS Investment Fund, holding shares in Adani Group companies are erroneous.
The three funds owned between 2.1 percent and 3.9 percent stakes in the four Adani Group companies as of March 31, 2021. The value of their stakes in Adani Power, Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas has risen more than 10 times since March 31, 2021 to Rs 43,550 crore as of last Friday, according to Moneycontrol's analysis