INSUBCONTINENT EXCLUSIVE:
Adani Total Gas, Adani Power, and Adani Transmission fell by 5% daily limit on TuesdayConfusion over three Mauritius-based funds that
whipsawed shares of companies controlled by billionaire Gautam Adani this week has underscored a deeper risk for investors in such stocks
owned by opaque entities.Shares of Adani's firms nosedived Monday after a local media report said accounts of these funds -- owning about
probably due to insufficient information on the owners, citing people it didn't identify
The stocks recouped losses after the conglomerate refuted it
A Tuesday filing stoked doubts again after Adani group said the three funds were facing some suspension due to a years-old regulatory
order.Adani Total Gas Ltd., Adani Power Ltd
and Adani Transmission Ltd
all fell by their 5% daily limit in Mumbai on Tuesday
Adani Ports - Special Economic Zone Ltd
and Adani Green Energy Ltd
Flagship Adani Enterprises Ltd
research analyst in Mumbai
doubled the net worth of Adani -- a first-generation entrepreneur -- to $73 billion, this week's events have pointed to a deeper pain
point: opacity around the group and its key non-founder shareholders
There's also scant analyst coverage for Adani companies, highlighting the information lacunae could be a chronic issue.Barring one, all
other Adani group stocks fell for a second day in Mumbai
The Economic Times said Monday the National Securities Depository Ltd
froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund.The Adani group denied the report and called it
Zulfiquar Memon, managing partner of Mumbai-based law firm MZM Legal LLP
sixfold in value since the start of 2020 on bets that Adani's massive push into infrastructure will pay off as India looks to revive the
Adding to the tailwind was MSCI Inc.'s decision to include three more Adani stocks to its India benchmark index, taking the total to five
That means any fund indexed to this gauge will have to buy into these stocks.The index providers may reduce the free-float of Adani stocks
in their calculation, according to Brian Freitas, a New Zealand-based analyst on independent research provider Smartkarma
equity largely held by overseas funds with very little public float is a risk for Adani shares, Bloomberg Intelligence analysts wrote last
Among the biggest foreign investors are a few Mauritius-based funds holding over 95% of assets in these companies, Gaurav Patankar and Nitin
More than two decades ago, he was kidnapped and held for ransom
In 2008, he was among the hostages at Mumbai's Taj Mahal Palace hotel during the terror attacksthat killed at least 166 people.Since then
Adani has risen sharply by dovetailing his group's business priorities with India's broader development push
said Sanjiv Bhasin, a director at investment management firm IIFL Securities Ltd
