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After the country’s largest securities depository froze the accounts of foreign funds holding billions of dollars worth of shares, the share prices of companies associated with one of Asia’s wealthiest Indian tycoon Gautam Adani (Gautam Adani) have increased significantly. Fell.
On Monday, four of the six listed Adani Group companies fell by the maximum amount allowed by exchange rules, while the billionaire’s flagship Adani Port and Special Economic Zone fell as much as 19%.
Earlier, the National Securities Depository of India announced the freezing of the accounts of Mauritius’ Albula Investment Fund, Cresta Fund and APMS Investment Fund. The Indian newspaper “Economic Times” reported that the move prevented these funds from trading stocks because of the lack of documentation on the entity’s beneficial ownership.
Adani’s net wealth has soared by US$44 billion this year, reaching US$78 billion, due to the rise in the stock prices of companies related to his energy to Apple conglomerate.This pushed him to Asia’s second richest person, Scanning Alibaba’s Jack Ma, ByteDance’s founder Zhang Yiming and other Chinese tech giants are within easy reach of Reliance Industries’ chairs Mukesh Ambani.
According to Bloomberg data, Monday’s decline in Adani-related stocks wiped out the tycoon’s net assets by more than 6 billion U.S. dollars, making his net worth slightly less than 71 billion U.S. dollars.
In the past year, Adani Transmission’s stock price has risen 640%, Adani Enterprises’ stock price has risen 860%, and Adani Total Gas’s stock price has risen 1,030%.
But analysts expressed concern that these stocks are held by a small number of overseas funds and the public float is small.
Bloomberg Intelligence analysts wrote in a report last week that the share prices of Adani Total Gas, Adani Enterprises and Adani Transmission appear to be “continued.”
Analysts said: “Among the largest foreign investors, several Mauritius funds hold more than 95% of the assets of these companies.” “This concentrated position, coupled with insignificant onshore ownership, creates asymmetric risks. The return, because large investors have clearly avoided Adani.”
Adani Group declined to comment. NSD did not immediately respond to a request for comment.
India’s stock market has been hit hard recently A record high Even if the economy is struggling to recover from a severe second wave of coronavirus infections.
Index provider MSCI added three Adani stocks to its India index in May.
Adani has attracted international partners and is committed to becoming one of the largest renewable energy companies in the world.All In January Purchased a 20% stake in Adani Green Energy last month obtain The Indian energy division of Japanese technology group SoftBank.
The infrastructure tycoon is due to his controversial Carmichael Coal Mine In Australia, this has been the subject of global environmental protests.
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