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The stock of Adani Enterprises fell by 11.5% on reports that one of its group companies Adani Agro has an exposure of Rs 325 crore in castor seeds contracts on the National Spot Exchange Ltd. Adani Enterprises fell to Rs 156 a share by afternoon trades following the reports.
Adani and a Gujarat-based BIFR company NK Industries are jointly having this exposure to NSEL and are not paying the dues which triggered the payment crisis in NSEL, brokers say.
Adani and NK Industries have a joint venture for production of castor oil manufacturing and buy castor seeds for this joint venture.
When contacted, a Adani official said, "These are baseless rumours spread by vested interests. We have never traded on NSE. We do not have any functional JV with NK either."
