Friday, March 29, 2024

Adani group blasts media for ‘erroneous’ reports: ‘It has caused irreparable loss’





Gautam Adani’s group on Monday issued a clarification with reference to the freezing of 3 foreign portfolio investor (FPI) accounts reflecting on the National Securities Depository Ltd (NSDL) website, while calling the media reports “blatantly erroneous.”

In their statement, the group mentioned that accounts of three foreign funds- Albula Investment Fund, Cresta Fund and APMS Investment Fund that are among its top shareholders—are not frozen. 

“It 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 Group companies said.

“We are issuing this letter in the larger public interest and for the protection of minority investors’ interest,” it further said.

Given the seriousness of the issue and its consequential adverse impact on minority investors, the firm “requested Registrar and Transfer Agent, with respect to the status of the Demat Account(s) of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June, 2021, clarifying that the Demat Account(s) in which the aforesaid funds hold the shares of the company are not frozen.”

Earlier in the day, The Economic Times in their report claimed that accounts of the three investment funds, which own over Rs 43,500 crore worth of shares in four Adani Group companies, were frozen on or before May 31, as per the depository’s website. 

After this the shares of various companies of Adani Group dropped sharply and the group’s flagship company, Adani Enterprises Limited’s shares fell 25 percent at Rs 1,201 a piece, followed by Adani Ports (down 18 per cent at Rs 681).

It is also worth to note that because of the claims, the Adani Group founder Gautam Adani lost $10 billion (nearly Rs 73,250 crore) in an hour.

 


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