Stocks of a company related to India’s tycoon Gortam Adani, one of the wealthiest men in Asia, plummeted after India’s largest securities custodian freezes accounts of foreign funds holding billions of dollars did.
Four of the six listed Adani Group companies fell below the maximum amount allowed by exchange rules on Monday. Meanwhile, the billionaire’s flagship, Adan Port and the Special Economic Zone, plummeted by 19%.
The decline followed the announcement by India’s National Securities Depository that it had frozen accounts in the Mauritius-based Albula Investment Fund, Cresta Fund and APMS Investment Fund. The Indian newspaper The Economic Times reported that the move to prevent the fund from trading shares was due to a lack of documentation on the real owners of the entity.
Adani’s net worth surged from $ 44 billion to $ 78 billion this year, based on rising stock prices of companies associated with his energy-to-apple conglomerate.It makes him The second wealthiest man in AsiaIt has swept past Chinese tech giants such as Alibaba’s Jack Ma and ByteDance founder Zhang Yiming, and is just steps away from the Reliance Industries chair. Mukesh Ambani..
According to Bloomberg statistics, the fall in tick-related stocks on Monday wiped out more than $ 6 billion from Tycoon’s net worth, just below $ 71 billion.
Last year, Adani Transmission’s share increased by 640%, Adani Enterprises increased by 860% and Adani Total Gas increased by 1,030%.
However, analysts have expressed concern about holding shares held by a small number of foreign funds and holding small public funds.
Bloomberg Intelligence analysts wrote in a memo last week that the rise in stock prices for Adan Total Gas, Adan Enterprise and Adan Transmission appeared to be “expanding.”
“Some of the largest foreign investors are Mauritius-based funds that hold more than 95% of the assets of these companies,” analysts said. “Such a concentrated position creates asymmetric risk rewards because onshore ownership is negligible and large investors significantly avoid ticks.”
Adani Group declined to comment. The NSD did not immediately respond to the request for comment.
India’s stock market has been hit recently Record high Even when the economy is struggling to recover from a serious second wave of coronavirus infection.
Index provider MSCI added three Adan strains to the Indian index in May.
Adani has attracted international partners to become one of the largest renewable energy companies in the world.total In January Last month, I bought a 20% stake in Adani Green Energy Won Indian Energy Division of Japanese Technology Group Softbank.
Infrastructure mogul faces his controversial criticism Carmichael Coal Mine In Australia, which is the subject of protests against the global environment.
Stocks related to Indian tycoon Adan fall as foreign funds freeze
Source link Stocks related to Indian tycoon Adan fall as foreign funds freeze