These 3 altogether have more than 43,500 crores of stocks in various firms of Adani group.
Stocks of Several firms such as Adani gas, Adani green, Adani transmission dipped by 5 percent each, and Adani enterprise dipped by 20 percent.
The colossal loss comes after an exponential growth in the wealth of Gautam Adani, founder of the Adani group who added around 75 crores each hour in 2021.
The market capitalization of the group revolved around 1 lac crore in March 2020 and since then it blew leaps and bounds to 10 lac crores in June 2020.
In the first half of 2021 i.e. from January to June, the stocks grew by a fanatical 335 percent. These factors made him the fastest wealth creator on the planet in 2021.
The enormous gain in previous months and years were mainly due to low liquidity in stocks which led to the allegations of stock manipulation and ultimately placed them on the NSDL blacklist.
The sealing of the accounts shed 7 billion dollars of Adani group, making it difficult for Gautam Adani to hold his position of 2nd richest person in Asia.
The freezing of the accounts implies that these funds will not be able to do any transaction i.e. the 43,500 crores are stuck and therefore add no value to the Adani group.
According to the Economic Times report, the action by the National Securities Depository Ltd ( NSDL) may be due to the inadequate Disclosure of information of beneficial ownership as per the Prevention of Money Laundry Act ( PMLA).
However, the Adani group disparaged the media reports as ‘ Blatantly erroneous” and claimed that NSDL confirmed to them that the accounts of foreign investors were not frozen.