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Adani stocks fall again despite denial of shareholder fund freeze

Indian conglomerate says suspensions were old and had nothing to do with it

Gautam Adani, founder of Adani Group, is Asia's second richest man.   © Reuters

MUMBAI -- Shares in Adani Group companies were slammed for a second day on Tuesday despite a denial by the conglomerate that the funds of three of its shareholders have been frozen by India's National Securities Depositary.

Adani Transmission and Adani Total Gas stocks closed down 5.0% at 1,446.4 rupees and 1,467.7 rupees, respectively, on the Bombay Stock Exchange. Adani Power also fell 5.0% to 133.90 rupees. These three stocks were extending a drop of 5.0% each on Monday. Adani Port and Special Economic Zone closed 1.6% at 756.5 rupees, extending an 8.5% fall on Monday.

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