New Delhi: Shares of Adani Group fell badly on Monday morning after the news of freezing of accounts of three big foreign portfolio investors (FPIs) of Mauritius in a major economic newspaper of the country.
The market capitalization of the Adani group companies fell by nearly $10 billion from $77 billion to $67 billion within an hour as shares tumbled. In this way, investors got a shock of about 73 thousand crores in an hour.
Although later there was a recovery in some shares of the company and the loss remained at 54 thousand crores, but despite this, there remains uncertainty among the investors regarding trading in the shares of the company.
In fact, on Monday morning, a major newspaper of the country reported that the National Security Depository Limited (NSDL) has frozen the accounts of three big FPIs of Mauritius and these three big FPIs have shares worth Rs 43550 crore in 4 companies of Adani Group.
After this news, the company’s shares started selling since morning and the share of Adani Enterprises fell up to 25 percent. However, recovery was seen in it later.
The three Mauritian FPOs, about which the report was published on Monday, are registered at the same address in Port Louis, Mauritius. Since all three FPIs have the same address, questions have been raised about their credibility.
Albula Investment Fund, Crysta Fund Ltd and APMC Fund Ltd hold 2.1 per cent to 3.9 per cent stake in 4 Adani Group companies. These companies hold shares in Adani Enterprises, Adani Transmissions, Adani Total Gas and Adani Green Energy.
The Sensex has gained 10 per cent since the beginning of this year, but investors who have invested in the shares of Adani Group have got returns of up to 300 per cent.
The share price of Adani Total Gas increased from Rs 374 on December 31 to Rs 1,625 as on June 11, while that of Adani Transmission increased from Rs 437 to Rs 1597.
Adani Group Chairman Gautam Adani’s wealth has come down by $10 billion (Rs 73,000 crore) to $67 billion as against $77 billion on Friday. This fall in his wealth could snatch the crown of Asia’s second richest person from Gautam Adani.
The shares of the Adani group companies are now in the hands of the operators and now the risk has increased in them, so there can be heavy volatility in the shares.
Investors who have invested in these companies should wait for the shares to rise to exit these stocks.
Mutual funds hold substantial shares of Adani group companies and several complaints have also reached SEBI in this regard. Instrument day trading has been banned in four Adani group companies and investors should invest wisely in Adani group companies.
Following the sharp fall in the shares of Adani Group, the company wrote to the Bombay Stock Exchange (BSE) saying that the reports of NSDL freezing the accounts of three FPIs are completely false.
The company said that this news has been spread deliberately to mislead the investors and this false news has caused huge financial loss to the investors as well as the company.
However, despite the company’s statement, NSDL data shows that 3 FPIs from Mauritius investing in Adani Group companies have their accounts frozen.