NSDL blocks three FPI accounts owning Adani Group shares worth Rs 43,500 crore


Shares of all six listed Adani Group companies — Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy, and Adani Total Gas — were under pressure on Monday, falling as much as 20% in intraday trade following news that the National Securities Depository Ltd (NSDL) had frozen the accounts of three foreign funds that own stakes in four of these companies.

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According to the depository's website, the accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund, which collectively possess approximately Rs 43,500 crore in shares in four Adani Group firms, were frozen on or before May 31.

"The three accounts may have been frozen as a result of an insufficient declaration of beneficial ownership information under the Prevention of Money Laundering Act (PMLA)," according to the study. Custodians normally notify customers of such actions, but if the fund does not reply or fails to comply, the accounts might be frozen, according to the report.

Individual equities such as Adani Enterprises and Adani Ports both fell 20% to Rs 1,281 each (down 18 per cent at Rs 681). On the BSE, Adani Transmission (Rs 1,517), Adani Power (Rs 140.90), Adani Green Energy (Rs 1,165.35), and Adani Total Gas (Rs 1,544.45) were all trapped in their respective 5% lower circuit bands, with only sellers visible. Most of these companies had recently surpassed their respective all-time highs after outperforming the market by a factor of ten in the previous year.

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