Adani stocks sell-off

about 2 years ago
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Adani group stocks are under stress today morning, with Adani Enterprises (AEL) leading the top five pack of losers on the BSE, going down 25% to Rs.1201 while its 30% LC for the day is at Rs.1121. Adani Ports is the second top loser, slipping 19% to Rs.681.50, not too far from its 20% LC of the day at Rs.671.05. Adani Power is frozen at its 5% LC at Rs.140.90; so is Adani Transmission (ATL) locked at its 5% LC at Rs.1517.25; Adani Green Energy (AGEL)  too at 5% LC at Rs.1165.35 and Adani Total Gas (ATGL) at Rs.1544.55.

The entire Adani clan is down in the red on unconfirmed news that NSDL is freezing the accounts of three foreign portfolio investors (FPIs), which together held shares worth Rs.43,500 crore of four of the Adani Group firms including AEL, AGEL, ATL and ATGL.  

This NSDL action means the FPIs would not be able to sell or make fresh purchases of the securities.

Those in the know say that this action by NSDL is probably triggered following insufficient disclosures by the FPIs on the beneficial ownership under the Prevention of Money Laundering Act (PMLA).

No official statement from the company has come in yet though the markets have reacted with this huge sell-off.

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