Mutual funds bought 46 lakh shares of Adani Enterprises last month

The shares of Adani Enterprises, which plunged 20% on Thursday after billionaire Gautam Adani and seven others faced charges in the United States in a multibillion-dollar bribery and fraud scheme, were among the top largecap picks of mutual funds last month.

Mutual funds added around 46 lakh shares of Adani Enterprises in their portfolio in October as the number of shares went up from 2.5 crore in September to around 2.96 crore, according to a report by Nuvama Alternative & Quantitative Research.

Adani Enterprises
Quant Mutual Fund added around 66.61 lakh shares of this stock whereas Invesco Mutual Fund sold around 7.57 lakh shares of Adani Enterprises.


Adani Ports & Special Economic Zone (SEZ)
Sundaram Mutual Fund added around 5.68 lakh shares of Adani Ports & Special Economic Zone (SEZ).

Adani Power
Tata Mutual Fund reduced its stake in Adani Power by selling around 19.99 lakh shares from its portfolio in October.

ACC
Nippon India Mutual Fund made a complete exit from ACC in October by selling around 82,224 shares.

As per the case by the US Securities and Exchange Commission, Gautam Adani has been charged with allegedly "defrauding American investors and bribing officials". Adani, his nephew Sagar Adani, 30, executives of Adani Green Energy, and Cyril Cabanes, an executive of Azure Power Global Ltd were charged with "conspiracy to commit securities and wire fraud, as well as substantive securities fraud, for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions through false and misleading statements".

The indictment says Adani and the others paid approximately $265 million in bribes. They expected these contracts to generate $2 billion in profit over two decades. Prosecutors claim some involved in the scheme used code names like “Numero uno” and “the big man” to refer to Gautam Adani.

The indictment also alleges Adani, his nephew Sagar Adani, and another executive, Vneet Jaain, hid bribes from lenders and investors to secure over $3 billion in loans and bonds for Adani Green Energy.