NEW DELHI: Despite issuing multiple clarifications on the 'active' status of three foreign portfolio investment (FPI) accounts, shares of Adani Power, Adani Transmission and Adani Total Gas were locked in lower circuit for the third straight day, falling 5 per cent each, on the BSE on Wednesday.
Separately, Adani Ports and Adani Enterprises plummeted 7.2 per cent and 5.8 per cent, respectively, while Adani Green Energy shed 3.1 per cent of its value on Wednesday.
The fall that began on Monday after reports claimed the National Securities Depository Ltd (NSDL) had frozen accounts of three Mauritius-based FPIs, which own shares worth over Rs 43,500 crore in four Adani firms, has so far eroded market capitalisation of the group by Rs 1.10 lakh crore. On June 16, the group’s market cap came down to Rs 8.40 lakh crore from Rs 9.50 lakh crore on June 11.
This continuous fall in share value is also having a direct impact on promoter Gautam Adani’s notional wealth. According to Forbes Real Time Billionaires index, Adani's wealth has fallen by USD 8.6 billion in the past three trading sessions. The index on Wednesday (post market hour) showed his wealth at USD 66.3 billion as against Friday’s close of USD 74.9 billion.
Currently, Adani and his family rank 16th on the index. India’s richest person Mukesh Ambani is at 12th positiion with a net worth of USD 85.4 billion. Adani Group on Wednesday averred that the FPIs in question are 'active' and not frozen.
Adani Group CFO Jugeshinder Singh said the firm was aware of the identity of key investors in foreign portfolios but avoided naming specific individuals.