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India Business News: Shares of Adani group companies fell by about 5% to 25% on Monday after National Securities Depository Ltd froze the accounts of three foreign funds t
Adani Enterprises had plunged as much as 25%, its steepest fall in nearly a decade. Nifty 50-listed Adani Ports and Special Economic Zone fell as much as 19% before paring losses.
Gautam Adani (File photo)
Billionaire Gautam Adani-controlled Adani Ports and Special Economic Zone is considering abandoning a plan to set up a container terminal at Yangon in Myanmar and write down the investment after a military coup in that country. In a scenario wherein Myanmar is classified as a sanctioned country under OFAC, or if OFAC opines that the project violates the current sanctions, Adani Ports plans to abandon the project and write down the investment, the port company said in an investor presentation on Tuesday. The company was referring to the US Department of the Treasury s Office of Foreign Assets Control. OFAC administers and enforces economic and trade sanctions based on US foreign policy and national security goals.