Reports Of Foreign Funds Frozen "Blatantly Erroneous": Adani Enterprises

Adani Group on Monday termed the report as "Blatantly Erroneous" which said that the NSDL has frozen accounts of three foreign portfolio investors.

Adani Group on Monday termed the report as "Blatantly Erroneous" which said that the National Securities Depository Limited (NSDL) has frozen accounts of three foreign portfolio investors (FPIs) holding shares in the group companies. Earlier in the day, media report suggested that NSDL had frozen accounts of three foreign funds - Albula Investment Fund, Cresta Fund and APMS Investment Fund following which Adani Group shares came under intense selling pressure. Shares of the Adani Group's flagship company Adani Enterprises dropped as much as 25 per cent. "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," Adani Enterprises said in a stock exchange filing. Adani Enterprises requested Registrar and Transfer Agent with respect to the status of demat accounts of the foreign funds and received written reply from them clarifying that Demat Account in which the aforesaid funds hold the shares of the Company are not frozen, Adani Enterprises added.