Adani shares fall after India securities depository freezes foreign funds’ accounts

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/File photo

Shares of Adani group companies fell by about 5% to 18% on Monday, after the National Securities Depository Ltd (NSDL) froze the accounts of three foreign funds that are among the top stakeholders in the firms.

Adani Enterprises (ADEL.NS) and Nifty 50-listed Adani Ports and Special Economic Zone (APSE.NS) were the top losers, plunging more than 15% each.

The NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, its website shows without citing a reason for the freeze.

The freeze on the three accounts could be because of insufficient disclosure of information related to beneficial ownership, according to a report in the Economic Times.

The funds have an investment of 435 billion Indian rupees ($6 billion) in Adani group companies, according to the report.

An Adani spokesman did not immediately respond to a request seeking comment. Reuters was unable to reach NSDL for comment.

($1 = 73.1300 Indian rupees)

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