In the eye of the storm: Adani stocks crash on rumours of FPI freeze

Shares recoup some losses after company, NSDL, FPIs deny report

Shares of Adani Group companies came under heavy selling pressure on Monday following a report that the accounts of three foreign portfolio investors (FPIs) that own group stocks have been frozen by depository firm NSDL – something that the company, the FPIs and NSDL strongly denied later in the day.

Adani Enterprises and Adani Ports saw an erosion of 25 per cent and 19 per cent, respectively, in intra-day trade, while the rest of the four group companies saw their shares hit the 5 per cent lower trading limit.

At one point, the group’s market capitalisation had fallen by more than Rs