New Delhi: Nearly a month and half after three ubiquitous entries in the list of frozen accounts maintained by the National Securities Depository Limited (NSDL) led to a sharp drop in Adani Group stocks, the depository has tweaked the reporting format to highlight that the accounts were frozen due to a matter related to Global Depository Receipts (GDRs) and not in relation to the Ahmedabad-based conglomerate.

NSDL, which maintains a database of all frozen accounts, inserted “GDR” after the names of five foreign portfolio investors, including the three that hold a significant number of shares in Adani Group companies.

According to the NSDL website, five foreign investors — HSBC Bank PLC, Cresta Fund, Albula Investment Fund, Lotus Global Investments and APMS Investment Fund — saw the word GDR inserted after their names.

Last month, there was a report that suggested NSDL froze accounts of three foreign funds — APMS Investment Fund, Albula Investment Fund and Cresta Fund — that collectively held shares of Adani Group worth over Rs 43,000 crore.

The report led to a huge fall in all Adani Group stocks as market sentiments were hit on account of concerns that the three shareholders of the diversified business group, which has six listed companies, would not be able to trade in the market in any manner whatsoever, including any transactions in Adani shares.

The latest disclosure effectively means that the three entities can operate their demat accounts through which they hold the shares of Adani entities.
Quite expectedly, shares of all the Adani group firms traded higher on Wednesday even as the benchmark S&P BSE Sensex closed marginally in the red. The 30-share barometer provisionally closed at 52,444, down 135 points or 0.26%.

While Adani Green Energy and Adani Transmission both gained more than 4% each on Wednesday, Adani Total Gas and Adani Power were up over 1% each. Adani Enterprises, Adani Ports and Special Economic Zone and Adani Green Energy also gained marginal ground on Wednesday.

(Business Today)


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