Adani Group stocks pared some losses after clarification from National Securities Depository Ltd that the accounts of three foreign funds are 'active' and not frozen.
The accounts of three foreign funds that are among the biggest backers of the Adani group are "active" and not frozen, National Securities Depository Ltd Vice President Rakesh Mehta has said.
Share of Adani Enterprises opened 3.8 per cent higher at Rs 1,559.00 against the previous close of Rs 1,501.25. Adani Ports opened 4 per cent higher at Rs 800.05 . Adani Green also opened in green on BSE.
However, Adani Power, Adani Total Gas, and Adani Transmission were locked in their respective 5 per cent lower circuits on BSE. Adani Enterprises and Adani ports also shed all early gains soon after the opening.
The central securities depository's response came after the Adani group shot an email to the NSDL, asking the status of three foreign funds. The company also provided the details of Demat accounts of the three funds mentioned in media reports, including Apms Investment Fund Ltd, Albula Investment Fund Ltd and Cresta Fund Ltd. The freeze, however, is on accounts of the funds that hold certain other securities and is not new.
"We request you to please confirm whether the aforesaid Demat accounts are frozen by NDSL or not?" the Adani group letter stated.
The Economic Times had earlier reported the NSDL had frozen the accounts of three foreign funds owning over Rs 43,500 crore worth of shares in four Adani Group companies due to insufficient disclosure on beneficial ownership. An account freeze implies the funds won't be able to transact in securities of those companies.
The crash in Adani Group stocks wiped out over $7.6 billion (nearly Rs 55,692 crore) to $67.3 billion from business tycoon Gautam Adani's net worth on Monday.
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