Business

Shares in companies controlled by billionaire Gautam Adani shed more than $6 billion on Monday despite rejecting media reports that said accounts of three investor funds that own stocks had been frozen.Adani Group flagship Adani Enterprises closed down 6.3 per cent after plunging as much as 25 per cent, its steepest fall in nearly a decade.The freezing of the three accounts was first flagged in an article in The Economic Times on Monday.The Adani Group firms involved rejected reports about the NSDL freezing the funds' accounts as "blatantly erroneous" in identical statements issued to stock exchanges.The NSDL website showed it had frozen as of May 31 the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, without citing a reason.The Adani firms said they had received an e-mail from the "Registrar and Transfer Agent" dated June 14 saying "that the Demat Account in which the aforesaid funds hold the shares of the company were not frozen".The NSDL and securities regulator SEBI did not respond to requests for immediate comment.Reuters was unable to reach the funds for comment.Shares of Adani Ports ended down 8.5 per cent after falling as much as 19 per cent.While Adani Green Energy clawed back most losses to end slightly lower, Adani Total Gas, Adani Transmission and Adani Power shed 5 per cent.





Unlimited Portal Access + Monthly Magazine - 12 issues


Contribute US to Start Broadcasting - It's Voluntary!


ADVERTISE


Merchandise (Peace Series)

 


Adani Group Posts Stellar 2024-25 Performance; EBITDA Hits All-Time High


Indian Economy Remains Resilient Amid Trade Tensions, Policy Uncertainty: RBI Report


Sensex Tanks 720 Points In Early Trade, Nifty Down 220 Points


Sensex Jumps 800 Points, Market Bounce Back On Buying Bank Stocks


India Well-Positioned To Deal With Negative Effects Of US Tariffs: Moody's


Sensex Up 267 Points, Market Bounce Back On Buying In Bank Stocks


Piccadily Becomes The 1st Indian Alcobev Company To Adapt NFC Technology To Combat Counterfeiting


[Business] - Filing Guide And Full List Of Deadlines


Stock Market Opens Flat Amid Mixed Global Cues


Sensex Falls 231 Points, Nifty Downs 49 Points Amid Mixed Global Cues


Adani Defence, Sparton Sign Deal To Make Anti-Submarine Sonobuoys In India


Sensex Jumps 1,000 Points, Nifty Breaches 25,000 After Trading Flat Till Noon


Wholesale Inflation Falls To 0.85% In April


UnitedHealth CEO Andrew Witty Suddenly Steps Down Deepening Crisis


Sensex Up 281 Points As Retail Inflation Drops To 6-Year Low In April


Sensex Slips 1,000 Points A Day After Record Rally, Nifty Down 200 Points


Sensex, Nifty Clock Best Single-Day Rally In 4 Years After Ceasefire Deal


Adani Power Wins Contract To Supply 1,500 MW Electricity To Uttar Pradesh


Midcap Stocks Effects Amid Mixed Global Cues