#SuchetaDalal trends as journalist tweets about a new scam leading to drop in Adani stock prices

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Soon after Adani's stock price went down, netizens started comparing Sucheta Dalal and Adani's instance to Elon Musk and Bitcoin.

Journalist Sucheta Dalal who exposed the unthinkable scam of 1992 has recently tweeted about a new scam in the market. However, Sucheta didn’t mention the name of the company that is involved in the scam but she said that the company involved in the scam has managed to increase its stock price through some foreign entities.

It’s quite certain that the Adani group of companies who has three major overseas funds provider – Albula Investment Fund, Cresta Fund, and APMS Investment Fund are in the limelight because of Sucheta’s tweet. All these three funds providers together own over Rs 43,500 crore worth of shares in four Adani Group of companies.

On Monday, June 14 when Adani’s share prices tanked by 20%, it has been speculated that the fall in the stock price was because of Sucheta’s tweet.

As per NSDL’s website, all the three accounts of Albula Investment Fund, Cresta Fund, and APMS Investment Fund were frozen on or before May 31st. As per the reports, the reason behind this sudden freeze hasn’t disclosed yet but the top officials at custodian banks and law firms handling foreign investors mentioned that this could be because of insufficient disclosure of information regarding beneficial ownership as per the Prevention of Money Laundering Act (PMLA).

Soon after Adani’s stock price went down, netizens started comparing Sucheta Dalal and Adani’s instance to Elon Musk and Bitcoin when Elon Musk’s single tweet had resulted in Bitcoin’s prices hitting rock bottom overnight.

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