Adani Group shares fall 25%, shedding $6 billion despite rejecting reports on investors

New Delhi: Shares of Adani group companies –Adani Ports and Special Economic Zone Ltd opened 4.5% higher after a steep drop in the previous session. The company rejected of a media report that said accounts of three foreign investor funds that own Adani Group stocks had been frozen. Shares were last down 0.8%. Adani Power, Adani Transmission and Adani Total Gas fell 5% and were locked in their lower circuits.

Shares of Adani group companies plunged on Monday after reports that the National Securities Depository Ltd (NSDL) froze the accounts of the three foreign funds that are among the top stakeholders in the firms.

Billionaire Gautam Adani’s group on Monday said accounts of three Mauritius-based funds that own the port-to-energy conglomerate’s stocks were not frozen and any reports suggesting the contrary were “blatantly erroneous and misleading”.

Adani Enterprises, the conglomerate’s flagship company, as also Adani Ports and Special Economic Zone, Adani Green Energy Ltd, Adani Transmission Ltd, Adani Power and Adani Total Gas Ltd in identical filings to the stock exchanges said the reports of NSDL freezing accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in the group firms were “blatantly erroneous and is done to deliberately mislead the investing community.”

Shares in Adani companies Adani shed more than $6 billion on Monday, said a Reuters report. Adani Group flagship Adani Enterprises closed down 6.3% after plunging as much as 25%, its steepest fall in nearly a decade. Shares of Adani Ports ended down 8.5% after falling as much as 19%. While Adani Green Energy clawed back most losses to end slightly lower, Adani Total Gas, Adani Transmission and Adani Power shed 5%.