Mumbai: National Security Depository Limited (NSDL) has frozen the accounts of three Foreign portfolio investment funds following which stocks of Adani group companies have gone down today. According to NSDL, the accounts were frozen before 31st May.

In the backdrop of this news the stock price of Adani Enterprise was down by 15 per cent. Adani Ports & Economic Zone by 14 per cent, Adani Power by 5 per cent, Adani Transmission by 5 per cent, Adani Green Energy by 5 per cent and Adani Total Gas by 5 per cent.

There’s no statement from Adani Group regarding this development. All three funds are from Mauritius and registered as FPIs in SEBI. They jointly have investment of 6.82 per cent in Adani Enterprise, 8.03 per cent in Adani Transmission, 5.92 per cent in Adani Total Gas and 3.58 per cent in Adani Green.

As per a report, the procedure against these funds is due to lack of sufficient information regarding ownership. As accounts are frozen, these funds can not trade stocks in their accounts.

Meanwhile : Adani Enterprises Ltd said that media reports about freezing of accounts of three foreign funds which had invested in the group companies were “blatantly erroneous.”

The company said it had an e-mail from the “Registrar and Transfer Agent” dated June 14 saying “that the Demat Account in which the aforesaid funds hold the shares of the company were not frozen.”

“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,” the company stated in a notification to exchanges.

“We are issuing this letter in the larger public interest and for the protection of minority investors interest,” it added.