Adani Stocks Cut Loss After Denying Freeze on Investor Accounts
- Report on freezing of overseas funds “blatantly erroneous”
- Proxy adviser seeks regulator probe into concentrated holdings
Chairman and founder of the Adani Group Gautam Adani in New Delhi in 2019.
Photographer: Sanjeev Verma/Hindustan Times/Getty Images
Shares of companies controlled by billionaire Gautam Adani recouped a part of their day’s losses after refuting a local report that said accounts of three Mauritius-based funds that own the group’s stocks were frozen.
The Economic Times reported Monday that National Securities Depository Ltd. froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. It said the action was probably due to insufficient disclosure of information regarding beneficial ownership, citing people it didn’t identify. The report sparked a selloff in shares of six listed Adani firms before the ports-to-power conglomerate rebutted the claims.