Most Adani Group shares extend losses amidst shaken investor confidence

Our Bureau Ahmedabad | Updated on July 09, 2021

ATL, APL, ATGL hit lower circuit

Investors’ confidence in Adani Group stocks remained shaken even after the group’s clarifications on reports of NSDL having frozen 3 Foreign Portfolio Investment (FPI) accounts.

Adani Enterprises Ltd (AEL) and Adani Green Energy Ltd (AGEL) made modest recovery after initial losses on Tuesday. AEL and AGEL ended with gains of nearly 2.4 per cent and 2.8 per cent respectively.

However, shares of Adani Transmission Ltd (ATL), Adani Power Ltd (APL) and Adani Total Gas Ltd (ATGL) were closed at the 5 per cent lower circuit, which means that there were only sellers for those counters. ATL ended the day at ₹1441.40, ATGL at ₹1467.35 and APL at ₹133.90 on the BSE.

Adani Ports and Special Economic Zones Ltd (APSEZ) hit an intra-day low of ₹755 before recovering to make an intra-day high of ₹802 and settling in red at ₹757.20, down 1.5 per cent on BSE.

On Monday the investors had dumped Adani Group stocks on reports that National Securities and Depository Ltd (NSDL) has frozen demat accounts of three foreign funds that collectively hold ₹43,500 crore worth of shares in four Adani group companies. Adani termed the repots as ‘blatantly erroneous’ and done to ‘deliberately mislead the investing community.’

The Group clarified that on its request to get a status of the said Demat accounts, the Registrar and Transfer agent had confirmed on June 14 that “the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen.”

Published on June 15, 2021

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