News Formal

Explainer: Mystery behind slump in India's Adani Group company shares

  • 📰 Reuters
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 97%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Shares of companies controlled by Indian billionaire Gautam Adani recorded their biggest weekly losses ever. The six stocks cumulatively lost 1.91 trillion Indian rupees ($25.83 billion) of value over five days through Friday.

Indian newspaper Economic Times reported on Monday the accounts of three Mauritius-based funds, which are among the top foreign investors in Adani group companies, had been frozen by the National Securities Depository Ltd .

The funds cumulatively control 2.7% of all shares in the Adani Group companies as on June 11, calculations based on an e-mail sent by Adani executive to NSDL and reviewed by Reuters showed. The five funds deployed 94.4%-97.9% of their total capital in Adani companies' shares, data by Indian stocks analysis firm Trendlyne showed.Four of the six Adani stocks have a public shareholding of about 25% - the minimum level mandated by regulators for companies listed on Indian exchanges.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Companies Buying Back Their Stock At Pre-Pandemic Levels—A Sign Of Economic OptimismCompanies are buying back their stock at pre-pandemic levels—a sign of economic optimism you know capitalism is garbage when companies buying there stock back is a 'sign of economic optimism'
Source: Forbes - 🏆 394. / 53 Read more »