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Friday, May 27, 2022
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Adani Group Stocks Tumble; Some Hit Lower Circuit

During the day, Adani Transmission, Adani Total Gas, Adani Power, and Adani Green Energy touched their respective lower circuit limits.

Adani Group Stocks Tumble; Some Hit Lower Circuit
The Adani Group on June 14 denied the report of the freeze, calling it "blatantly erroneous". | File Photo
Adani Group Stocks Tumble; Some Hit Lower Circuit
outlookindia.com
2021-07-20T19:23:22+05:30

Shares of Adani Group firms on Tuesday tumbled up to 5 per cent after the government told Lok Sabha that markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some of the Group companies for alleged non-compliance with rules.

Adani Transmission dipped 5 per cent, Adani Total Gas went lower by 5 per cent, Adani Power dived 4.99 per cent, Adani Green Energy 3.90 per cent, Adani Enterprises 1.05 per cent and Adani Ports and Special Economic Zone 0.16 per cent on the BSE.

During the day, Adani Transmission, Adani Total Gas, Adani Power, and Adani Green Energy touched their respective lower circuit limits.

 Sebi and the Directorate of Revenue Intelligence are probing some Adani Group companies for alleged non-compliance with rules, the government told Lok Sabha on Monday.

 Minister of State for Finance Pankaj Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.

 "Sebi is investigating some Adani Group companies with regard to compliance with Sebi regulations," he said without giving details. Also, DRI "is investigating certain entities belonging to the Adani Group of Companies under laws administered by it," he said.

 Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani Group firms had been frozen by the national share depository. The three funds owned about USD 6 billion of shares across the conglomerate.

 The Adani Group on June 14 denied the report of the freeze, calling it "blatantly erroneous". A day later it clarified that three Demat accounts of Cresta Fund Ltd, Albula Investment Fund Ltd, and APMS Investment Fund were "suspended for debit", adding to the confusion over the status of the offshore funds.

 Shares of Adani Total Gas Ltd, Adani Power Ltd, Adani Transmission, Adani Ports & Special Economic Zone, Adani Green Energy, and flagship Adani Enterprises were impacted by the reports.

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