After National Securities Depository Ltd has frozen the accounts of three foreign funds Albula Investment Fund, Cresta Fund, and APMS Investment Fund of the Adani group, headed by Gautam Adani who held the spot of Asia’s second-richest on the Bloomberg Billionaires Index lost his position after a rout in stocks of his group companies

According to Bloomberg, the Chairman and founder of Adani Group lost more money this week than anyone else on the planet. The 58-year-old is now worth $63.5 billion down by $13.2 billion this week. Adani now trails China`s bottled-water king Zhong Shanshan by $1.8 billion. Mukesh Ambani, at $84.5 billion continues to hold the top spot on the list in Asia. 

Adani Group on Tuesday discussed an NSDL communication which said the demat accounts of three FPIs are ‘active’ but remain in ‘suspended for debit’ status.

Also Read: Adani group stocks see steep fall up to 25 % after NSDL freezes three foreign funds owing shares worth Rs 43,500 crores

On Thursday alone the market capitalisation of the six listed companies of the Adani-led ports-to-energy conglomerate tumbled by Rs 1.59 lakh crore. 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.

However, according to NSDL data as of May 31, there was an “account level freeze” on Albula Investment Fund, Cresta Fund, and APMS Investment Fund —all Mauritius-based FPIs which have a significant stake in Adani group stocks.

Stocks of Adani group had a dream run of 335 per cent upmove to Rs 1,625.8 on June 11 from Rs 374.9 on January 1, 2021, made Gautam Adani the fastest wealth creator on the planet so far in 2021. Adani, until previous week, had added $43 billion to his personal wealth due to rapid appreciation in the group’s market value.

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