Adani Group claims report on FII a/c freeze ‘erroneous’

New Delhi: Adani Group on Monday claimed that a media report stating that the National Securities and Depository Ltd (NSDL) had frozen accounts of three foreign portfolio investors, which held shares of various group companies, was “blatantly erroneous”.

The Economic Times earlier on Monday reported that NSDL had frozen accounts of three foreign funds, namely Albula Investment Fund, Cresta Fund and APMS Investment Fund, which together owned shares worth Rs 43,500 crore of some of the Adani Group companies.

“We regret to mention that these reports are blatantly erroneous and are done to deliberately mislead the investing community. This is causing irreparable loss of economic value to investors at large and reputation of the group,” the group said in a regulatory filing.

Shares of Adani Group companies nosedived up to 25 per cent early Monday after the report, which said NSDL had frozen the accounts of three foreign portfolio investors which held a large chunk of the group’s non-promoter shares.

“Given the seriousness of the article and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the demat account of the aforesaid funds and have their written confirmation that the demat account in which the aforesaid funds hold the shares of the company are not frozen,” Adani Group said.

Shares of some listed Adani Group companies on the NSE recovered from their intraday lows following the clarification.