On monday morning as it emerged that the accounts of three foreign funds with large exposure in Adani Group's stocks have been frozen, investors on Dalal Street went into a panic mode. There are at least six FPIs with large exposure in Adani Group stocks. According to disclosures on the BSE, one of the six, Cresta Fund, holds nearly 3% in Adani Enterprises, which was worth about Rs 5,000 crore as of Friday while Albula's 2.1% stake was worth about Rs 3,700 crore. The other FPIs with large exposure in the group's stocks were Albula Investment Fund, APMS Investment, Asia Investment Corp. Usually a demant account is frozen due to a regulatory order against the holder of the account, non-disclosure of information demanded by the bourses, depositories or some other domestic or international legal issues. Investors on the Street interpreted the freezing of the account as some regulatory issues relating to these FPIs and hence the strong selling in these stocks, dealers and market players said. According to market sources, the freezing of the accounts was because of a Sebi regulatory order of 2016 relating to depository recepits. This particular order does not in any way hamper the FPIs regular investments in India and hence the fear was unfounded, they said. Dealers also said that with the position of these FPIs now clear, the Adani Group stocks are expected to make a recovery on the bourses on Tuesday. Early on Monday the stock was down 25% but recovered in late trades after the company clarified that the accounts of the FPIs were still active. The stock finally closed at Rs 1,501 down 6.3% on the day. With the acceptance of the gig model, more people are sharing cars than even before. This is being seen increasingly in urban areas, where people also have the option of an improving and efficient public transport.
