Adani Group Stocks: Stocks of Adani Group, led by Gautam Adani, the second richest person in the country and Asia, touched the lower circuit at the beginning of Monday’s trading. The main reason for the huge fall in the stocks of Adani Group is an action by National Securities Depository Limited (NSDL). NSDL has frozen the accounts of three foreign funds (foreign portfolio investors), Albula Investment Fund, Cresta Fund and APMS Investment Fund, which hold major stake in Adani Group companies. After the information about this action became public, the shares of Adani Enterprises fell by 20 percent to Rs 1,254 today. Adani Ports declined by 19 per cent and Adani Power, Adani Green, Adani Total Gas, Adani Transmission declined by 5-20 per cent.
Gautam Adani has recently become the second richest person in Asia. This year his net worth has increased by $ 4320 million (Rs 3.17 lakh crore), due to which his net worth has increased to $ 7700 million (Rs 5.64 lakh crore). According to the Bloomberg Billionaires Index, Adani is currently the 14th richest person in the world.
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These three FPI accounts belong to Mauritius
According to the Economic Times report, the three FPI accounts frozen by NSDL have shares worth Rs 43,500 crore in four companies of the Adani Group. According to the Prevention of Money Laundering Act (PMLA), full details of beneficial ownership have not been given, due to which this action has taken place. These accounts were frozen till the end of last month i.e. before May 31. Due to the freezing of these accounts, they cannot buy or sell shares of Adani Group. All these accounts are from Mauritius.
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There has been a tremendous jump in Adani stocks in the last one year
Stocks of Adani group companies have given tremendous returns to investors in the last one year, which caught the attention of capital markets regulator SEBI. Adani Enterprises grew by 857 percent, Adani Transmission by 625 percent, Adani Green by 234 percent, Adani Power by 275 percent since June 2020. At the same time, Adani Total Gas, the new company of Adani Group, has increased by 324 percent so far this year. According to Yash Gupta, Equity Research Associate, Angel Broking, Adani Group stocks have been shifted to T2T (trade to trade) means that they will no longer be able to do intraday trading. Gupta has advised investors to avoid falling prices or averaging their holdings.