Reports Of Foreign Funds Frozen “Blatantly Erroneous”: Adani Enterprises

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The Adani Group on Monday termed as “blatantly erroneous” reports about freezing of accounts of three foreign funds that had invested in the group. Media reports had said the National Securities Depository Limited (NSDL) had frozen the accounts of three foreign funds – Albula Investment Fund, Cresta Fund and APMS Investment Fund – after which Adani Group shares came under intense selling pressure.

“We regret to mention that these reports are blatantly erroneous and is 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,” Adani Enterprises said in a stock exchange filing.

Shares of the Adani Group’s flagship company Adani Enterprises dropped as much as 25 per cent.

The company said it had an e-mail from the “Registrar and Transfer Agent” saying “that the Demat Account in which the aforesaid funds hold the shares of the company were not frozen.”

Adani Enterprises had requested the Registrar and Transfer Agent for details on the status of demat accounts of the foreign funds.

After the company’s clarification shares of Adani Enterprises staged a recovery and were down 5 per cent at Rs 1,508 compared to its fall of 25 per cent earlier in the day.



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