After the National Securities Depository Ltd (NSDL) froze the accounts of three foreign funds on Monday, shares of Adani group companies fell by about 5% to 18%. The three accounts are among the top stakeholders in the firms.
As per reports, Adani Enterprises and Nifty 50, listed Adani Ports and Special Economic Zone as the top losers, plunging more than 15% each.
As per a report in Economic Times, the NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. It's website shows without citing a reason for the freeze of the three accounts.
Reports also stated that the freeze on the three accounts could be because of insufficient disclosure of information related to beneficial ownership.
It further added that funds have an investment of 435 billion ($6 billion) in Adani group companies.