Adani stocks remain under pressure, fall up to 5%

NEW DELHI: Adani Group shares continued to fall on Wednesday. Three out of the six listed Adani companies hit their lower circuit limits for the third consecutive session.Concerns over billionaire Gautam Adani's group had shot up recently after media reports showed signs of concentrated holdings in group companies by select foreign portfolio investors (FPIs) and freezing of three FPI accounts by NSDL, which owned a big chunk in the group firms.Adani Group denied that NSDL had frozen accounts held by three offshore funds which own stakes in its group companies, calling the reports "blatantly erroneous". "This is causing irreparable loss of economic value to the investors at large and reputation of the group," the Group said.NSDL has clarified that the three FPI accounts which have significant stake in four Gautam Adani-led firms remain active.Adani Transmission, Adani Total Gas and Adani Power tanked 5 per cent each, their lower circuit limit, to Rs 1,369.35, Rs 1,394 and Rs 127.25 on Wednesday. These stocks have fallen over 16 per cent in the last three sessions.Adani Ports fell 4 per cent to Rs 726.50 in early trade on Wednesday. Adani Green Energy shed 4 per cent to Rs 1,165 and Adani Enterprises declined 3 per cent to Rs 1,488.90. However, all three counters recovered some of those losses. On Monday, The Economic Times had reported that NSDL had frozen accounts of three foreign funds, Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together own shares worth Rs. 43,500 crore of some of the group companies.

from Economic Times https://bit.ly/3xDFBoT
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