Adani says FPI accounts not frozen

Adani Transmission, a part of the diversified Adani Group, disputed a report by financial newspaper Economic Times that said that NDSL had frozen the share accounts of three foreign investors who held nearly Rs 43,500 cr worth of stock in various Adani group companies.

Economic Times had carried the news quoting an update published by National Securities Depository Ltd, which is responsible for holding most of the dematerialized (electronic) records relating to the ownership of shares and other traded securities in India, on its website.

India’s biggest business newpaper had said that NSDL had frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies. All three are based out of Mauritius.

“..we requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June, 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen,” Adani Transmission said in response to the ET report.

Demat accounts are usually frozen by the operator in cases of documentation discrepancies.

The report had sent shares of some Adani Group companies down by as much as 24.99% in morning trade.

Shares of Adani Enterprises were being traded down around 6% at Rs 1,504 as of 3:25 PM. There were down as much as Rs 1,213 at 10:05 AM today on the basis of the news.

Shares of Adani Transmission have been down at 1,522.50 since trading started today, lower by 5% on yesterday’s close.

Adani Tranmission further called the reports “blatantly erroneous” and “done to deliberately mislead the investing community”.

“This is causing irreparable loss of economic value to the investors at large and reputation of the group.”