Adani stocks tumble more

„Three firms hit daily limit for the third day

The slump in shares of companies controlled by Indian billionaire Gautam Adani deepened on Wednesday with three of them tumbling by the daily limit for a third straight day.

Adani Total Gas Ltd, Adani Power Ltd and Adani Transmission Ltd hit the lower circuit after dropping 5 per cent each even as the group denied a local report on Monday that said accounts of three Mauritius-based funds that own the group's stocks were frozen.

Adani Ports and Special Economic Zone tumbled

7.17 per cent and flagship Adani Enterprises tanked

5.77 per cent on the BSE. Adani Green Energy declined 3.10 per cent.

The dramatic rout marks a halt to the dizzying rally in shares of some of the Adani Group of Companies that had added almost $40 billion to the billionaire's wealth this year through Friday that made him the secondrichest person in Asia. His net worth, based on Tuesday's closing share prices, is $71.5 billion.

The conglomerate refuted the reports that said National Securities Depository Ltd froze the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund. It called the report "blatantly erroneous" and followed up with another statement on

Tuesday citing communication from the national depository that the three funds' demat accounts are "suspended for debit."

The funds, registered at the same address in Port Louis, own more than Rs 43,500 crore ($6 billion) in four Adani group firms, the report had said.

Dollar bonds issued by Adani group firms have pared some of the losses from earlier this week. Adani Ports & Special Economic Zone's dollar bond due 2031 fell by a record 3.3 cents on the dollar on Monday to 94.1 cents and is now trading at 95.4 cents.