Shares of Adani Transmission Ltd, one of the largest private sector power transmission companies operating in India, were locked in a 5 percent lower circuit at Rs 1,517.25 apiece on the BSE on Monday.
The sharp correction in the stock was following reports that the National Securities Depository Ltd (NSDL) had frozen the accounts of three foreign funds that own stakes in four of the Adani Group companies.
Shares of all six listed Adani Group firms — Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy, and Adani Total Gas — were under pressure, falling from 5 to 25 percent in intraday trade. All these stocks hit their respective lower circuit limits.
The National Securities Depository Ltd (NSDL) froze the accounts of three foreign investment entities that held Adani Group equities, according to a report by the Economic Times. According to the report, the freeze could be due to a lack of disclosure of beneficial ownership information.
As per the depository’s website, the accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund, which collectively own approximately Rs 43,500 crore in shares in four Adani Group companies were frozen on or before May 31.
At 1:45 pm, the shares of Adani Transmission were trading five percent lower at Rs 1,522.50 apiece on the BSE.