In a major setback for The Adani Group, headed by Gautam Adani, India`s and Asia`s second-largest richest man the National Securities Depository Ltd has frozen the accounts of three foreign funds Albula Investment Fund, Cresta Fund and APMS Investment Fund.

These three foreign funds have shares worth more than Rs 43,500 crore in 4 companies of the Adani Group. According to the NSDL website, these accounts were frozen on or before May 31.

The shares of 6 listed companies of the group have declined from 5% to 25% after the market opened on Monday. Due to this, investors lost around Rs 50,000 crore in the opening hour.

Shares of the group`s flagship company Adani Enterprises fell up to 25 per cent. This is the biggest drop recorded in a decade of the company`s listing.

Adani Enterprises holds 6.82 per cent, Adani Transmission holds 8.03 per cent, Adani Total Gas holds 5.92 per cent and Adani Green holds 3.58 per cent.

Usually, custodians warn their clients about such action but if the fund does not respond or does not comply with this, then the accounts can be frozen. Freezing the account means that the fund cannot sell any existing securities or buy new ones.

SEBI started investigating the shares of these companies in the year 2020 itself. However, no decision has been taken on the investigation so far. Despite this, the shares of these companies are increasing continuously.

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