Adani Group founder Gautam Adani suffered a loss of $10 billion (about Rs 73,250 crore) in an hour, as Adani Group’s share price was affected. According to the Bloomberg Billionaires Index, Gautam Adani’s personal wealth stood at $77 billion (Rs 5.64 lakh crore) as of Friday. The total market capitalization of the Adani Group stood at Rs 9.5 lakh crore on Friday, making Chairman Gautam Adani the second richest person in Asia.
As National Securities Depository Limited (NSDL) reported freezing of accounts of three foreign portfolio investors (FPIs) who held shares in four listed Adani firms, shares of Adani Group companies fell in early morning trade on June 14.
NSDL has frozen the accounts of three foreign funds. They have frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. Now Gautam Adani has suffered a setback of 43500 crores from the National Securities Depository Limited (NSDL).
“We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community,” the group said in a statement.
According to the Adani group, these reports are causing irreparable loss of economic value to the investors at large as well as the organisation.
According to the report published in the Economic Times, this action has been taken before May 31. After the freeze action, these three funds will neither be able to sell their existing shares nor will they be able to buy new shares. It is believed that this action has been taken under PMLA. These three funds have not shared specific information about themselves. Custodian banks first give warnings to their customers in such cases. Despite warnings, if the client ignores the rules, then his accounts are frozen.
These three funds have made substantial investments in four companies of the Adani Group. All three of them together hold 6.82 per cent stake in Adani Enterprises, 8.03 per cent stake in Adani Transmission, 5.92 per cent stake in Adani Total Gas and 3.58 per cent stake in Adani Green. Six companies of Adani Group are listed in the market. These six companies are – Adani Enterprises, Adani Port & SEZ, Adani Transmission, Adani Power, Adani Total Gas and Adani Green Energy. Adani Group’s market cap was Rs 9.5 lakh crore last week and they are currently the 14th richest person in the world and the second highest in India.
In the report that SEBI is also probing the matter whether the shares of Adani Group are being manipulated. Notably investigation started last year and is continuing.
According to media, Six companies of the Adani Group have given returns of 200-100% in the last one year. Adani Transmission has gained 669%, Adani Total Gas 349%, Adani Enterprises 972%, Adani Green Gas 254 percent, Adani Port 147 percent and Adani Power 295 percent.
Promoters’ stake in Adani Group of Companies has also been questionable in the market. As Promoter’s stake in Adani Enterprises is 74.92 percent, Promoter’s stake in Adai Green Energy is 56.29 percent, Promoter’s stake in Adani Transmission is 74.92 percent and Promoter’s stake in Adani Total Gas is 74.80 percent. Now according to SEBI rules, the promoter holding can be up to 75 per cent for any listed company. But the promoters’ stake in Adani Group of Companies is very close to the limit.