"Reckless And Irresponsible Reporting", Gautam Adani On Last Month's Fall

Adani Group Chairman Gautam Adani on Monday termed reckless and irresponsible reporting by just a few media homes as a cause behind the selloff in Adani Group shares final month. Addressing the digital annual basic assembly, Mr Adani stated, "Recently, a few media houses indulged in reckless and irresponsible reporting related to administrative actions of regulators. This caused unexpected fluctuations in the market prices of Adani stocks."

Last month, shares in firms managed by Mr Adani shed greater than $6 billion in a single day selloff after The Economic Times reported that accounts of its three international portfolio buyers had been frozen by the National Securities Depository Limited. The firm later denied the report as "blatantly erroneous".

The Adani corporations on the identical day had stated they'd obtained an e-mail from the "Registrar and Transfer Agent" dated June 14 saying "that the Demat Account in which the aforesaid funds held shares of the company were not frozen".

Meanwhile, Mr Adani added that the corporate's small buyers had been affected by this twisted narrative.

"Unfortunately, some of our small investors were affected by this twisted narrative in which some commentators and journalists seemed to imply that companies have regulatory powers over their shareholders and that companies can compel disclosure," Mr Adani stated.

Addressing the assembly, Mr Adani stated that the nation's largest personal port operator Adani Ports and Special Economic Zone proceed to rework itself from a ports firm into an built-in ports and logistics firm.

"The Financial Year 2021 was a truly transformational year and APSEZ crossed a landmark after its share of India's port-based cargo business rose to 25% and the container segment market share grew to 41 per cent," Mr Adani added.