Journalist Sucheta Dalal trends on Twitter for the fall of Adani stocks; Adani group call reports ‘erroneous’

Adani Group companies’ shares tumbled to their lower circuits on Monday after the reports of National Securities Depository Ltd (NSDL) freezing the three FPI accounts.

As per the NSDL website, the depository has frozen the accounts of Albula Investment Fund Ltd, Cresta Fund Ltd and APMS Investment Fund Ltd as of May 31, 2021.

Meanwhile, Journalist Sucheta Dalal, who was credited for unearthing the 1992 Harshad Mehta securities scam was trending on Twitter as many users thought that her tweets had attributed the fall of Adani shares.

Business journalist Sucheta Dalal tweeted,  “Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!”

However,  Adani Group of Companies had denied freezing of accounts of three foreign portfolio investors (FPI) holding shares and had said that such reports are "erroneous" and "misleading".

In separate communications to the BSE and the National Stock Exchange (NSE), all the listed Adani Group companies said that it has confirmation from the Registrar and Transfer Agent that the accounts have not been frozen.

"Given the seriousness of the article and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and have their written confirmation vide its e-mail dated 14th June, 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen," said the letter.

"We regret to mention that these reports are blatantly erroneous and are done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group."

Adani Power, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Total Gas, Adani Green Energy and Adani Transmission have written separate but similar letters to the exchanges.

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