Sucheta Dalal's Tweet and Adani Stocks Fall Another Scam?

Another year, another scam? The Scam 1992 web series was brought to the screens because a financial writer had unearthed a budding Scam involving a big name of the early 90s - Harshad Mehta. Now it seems that Sucheta Dalal has hit a target again.

Sucheta Dalal, a finance journalist recently pointed out current manipulation of particular shares in share market. Sucheta Dalal tweet about market manipulation of particular group, which remains undisclosed.

She tweeted, “Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His speciality & that of a former FM. Nothing changes!”.

After her tweet, Adani's market share started to fall and currently is declining.

National Securities Depository Ltd (NSDL) has frozen the accounts of three foreign funds — Albula Investment Fund, Cresta Fund and APMS Investment Fund — which together own over ₹43,500 crore worth of shares in four Adani Group companies. These accounts were frozen on or before May 31, as per the depository’s website.

“The freeze could be because of inadequate beneficial ownership documentation,” said a senior official with a custodian aware of the development. “Custodians typically warn their clients before such action but if the fund doesn’t respond or fails to comply, accounts can be frozen.”

The entities, which are registered at the same address in Port Louis and do not have websites, together hold 6.82% in Adani Enterprises, 8.03% in Adani Transmission, 5.92% in Adani Total Gas and 3.58% in Adani Green