After a massive sell-off in the stocks of Adani Group companies on Monday, the group has rubbished reports that National Securities and Depository Ltd (NSDL) has frozen the accounts of some of the foreign funds that hold shares in the group companies

In a letter to pacify the panic-stricken investors, the Adani Group termed the said reports "blatantly erroneous" made with an intention to "deliberately mislead the investing community."

In a statement to the stock exchanges, Adani Ports and Special Economic Zone Ltd (APSEZ) said, that the reports claiming "NSDL has frozen the accounts of 3 foreign funds- Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies... are blatantly erroneous and is 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 Group's letter further stated that the group had "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 June 14, 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen."

All of the six Adani Group's listed entities were hammered down since the opening of the trade on Tuesday with many of the stocks having only sellers on the counter causing a lower circuit.

At the opening trades on Monday, the flagship Adani Enterprises Ltd lost 15 per cent to ₹1,361.40 at opening trades, while Adani Ports and Special Economic Zone Ltd (APSEZ) also lost nearly 15 per cent to ₹717 on National Stock Exchange (NSE).

The other listed entities of the Group, Adani Green Energy Ltd, Adani Group firms Adani Transmission Ltd, Adani Total Gas Ltd and Adani Power Ltd hit lower circuit at 5 per cent with only sellers on the counters.

AGEL hit ₹1,156.85, ATL at ₹1522.50, ATGL at ₹1544.90 and Adani Power at ₹ 140.90 during early trades on Monday.

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