Adani stocks extend losses for a third session

Group had rejected report on funds

Shares in companies controlled by Indian billionaire Gautam Adani fell again on Wednesday, adding to their losses stemming from a media report that said accounts of three foreign investor funds that own stocks had been frozen.

The companies involved had rejected the report earlier this week, calling it “blatantly erroneous.”

Adani Enterprises, Adani Green Energy, and Adani Ports and Special Economic Zone fell as much as 3.3% to 4.7% on Wednesday, while shares of Adani Total Gas, Adani Transmission and Adani Power hit their lower circuit limits.

From their closing levels on Monday to session lows on Wednesday, they had shed between 0.9% to 9.7%.

In the past year, a broad surge in Adani Group companies have made Mr. Adani the second richest Indian, behind Mukesh Ambani, chairman and managing director of conglomerate Reliance Industries.

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