The National Share Depository Ltd (NSDL) on Tuesday clarified that the freezing of the accounts of the three foreign funds — Albula Investment Fund, Cresta Fund, and APMS Investment Fund — was not related to the Adani Group but to a June 2016 case.
NSDL said that these three accounts were frozen then on the orders of the Securities and Exchange Board of India, in a case relating to GDR issuance by some entities.
The confusion arose because the NSDL website continues to show the three FPIs on the list of ‘frozen accounts’, along with 9,444 other entities, as on May 31. A news report had suggested on Monday that demat accounts of the three FPIs were frozen by NSDL. This led to a high-voltage drama in the stock markets on Monday as share prices of all the Adani Group companies crashed 5-25 per cent.
On Tuesday, Adani Group stocks were trading mixed after the company, in its clarification, rejected the media report as erroneous. Adani Ports and Special Economic Zone Ltd, one of the top losers on the Nifty 50 today, closed 1.56 per cent lower. Adani Enterprises Ltd managed to recover, ending 1.62 per cent higher. Adani Power, Adani Transmission and Adani Total Gas hit the lower circuit at 5 per cent.