Stocks

Adani Group stocks under selling pressure

Our Bureau Ahmedabad | Updated on June 14, 2021

Buzz of NSDL action on 3 FPIs holding Adani Group stocks triggers sell-off

Adani Group stocks came under heavy selling pressure on the bourses on Monday.

The flagship Adani Enterprises stock lost 15 per cent to hit ₹1361.40 during the opening trade, while Adani Ports and Special Economic Zone (APSEZ) also lost nearly 15 per cent to hit ₹717 on the National Stock Exchange (NSE).

The other listed entities of the Group, Adani Green Energy, Adani Transmission, Adani Total Gas and Adani Power hit lower circuits at 5 per cent with only sellers on the counters.

AGEL hit ₹1156.85, ATL was at ₹1522.50, ATGL at ₹1544.90 and Adani Power at ₹140.90 on the NSE Monday.

Also read: 3 Adani group stocks, SBI Cards, Apollo Hospital enter MSCI India index

“NSDL action”

The street was abuzz with news of depository player National Securities and Depository Limited (NSDL) freezing accounts of three foreign portfolio investors (FPIs) that together held shares worth ₹43,500 crore of four of the Adani Group firms including AEL, AGEL, ATL and ATGL. The NSDL action means the FPIs would not be able to sell or make fresh purchases of the securities.

Reports indicated that the NSDL action could have been triggered following insufficient disclosures by the FPIs on the beneficial ownership under the Prevention of Money Laundering Act (PMLA).

Adani Group is yet to make an official statement on the NSDL move and the knee-jerk reaction on the share prices on the bourses.

Published on June 14, 2021

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