Adani grou had a free fall in the share market as six of its listed companies tumbled after the National Securites and Depository Limited (NSDL) took action against three foreign funds. These funds have a major stake in four firms belonging to Adani group.
The SEBI too has initiated an investigation on the price manipulation of the Adani group of companies. As a reslt, the shares of Adani Enterprises Limited (AEL), Adani Total Gas Limited (ATGL), Adani Transmission Limited (ATL) and Adani Green Energy Limited (AGEL).
Two other listed firms, Adani Power and Adani Ports and SEZ traded very weak. Within the first hour, the shares began tumbling. The net worth of Adani group fell by over 73,000 crore in one day. His companies have lost over 4 billion dollars and the net wealth has come down to $ 70.8 billion.
In view of the weak trading, analysts have advised the investors to play cautiously and wait and watch the situation. They advised the investors not to buy Adani shares. By the time the market closed, Adani did recover some ground by issuing a statement. But, the situation is still fluidy.