India: Adani shares fall after freeze placed on foreign funds

FILE PHOTO: The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave

Shares of Adani group companies fell by about 5% to 25% on Monday after the National Securities Depository Ltd (NSDL) froze the accounts of three foreign funds that are among the top stakeholders in the firms.

Adani Enterprises, the conglomerate’s flagship company, plunged as much as 25%, its steepest fall in nearly a decade. Nifty 50-listed Adani Ports and Special Economic Zone fell as much as 19% before paring some losses.

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