Shares of Adani group companies fell by about 5% to 25% on Monday after the National Securities Depository Ltd (NSDL) froze the accounts of three foreign funds that are among the top stakeholders in the firms. Adani Enterprises, the conglomerate’s flagship company, plunged as much as 25%, its steepest fall in nearly a decade. Nifty 50-listed Adani Ports and Special Economic Zone fell as much as 19% before paring some losses.
The NSDL has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund, its website shows without citing a reason for the freeze.
Reuters was unable to reach the funds for comment. It was not immediately clear if the funds had functioning websites.
