Adani group stocks extended their losses on Wednesday with the shares of three companies hitting their lower circuit for the third consecutive trading session. The drubbing on the bourses came despite a clarification from the National Securities Depository Ltd (NSDL) that it has not frozen the demat accounts of the three foreign portfolio investors (FPIs) holding these shares.

On Wednesday, Adani Total Gas ended with losses of 5 per cent at Rs 1,394 on the BSE; Adani Power tanked 4.97 per cent to Rs 127.25; the Adani Transmission scrip settled 5 per cent lower at Rs 1,369.35.

Flagship Adani Enterprises closed in the red, shedding 5.77 per cent, or Rs 88.75, to Rs 1,449.30. Shares of Adani Ports and Special Economic Zone cracked 7.17 per cent to Rs 706.85, while Adani Green Energy fell 3.10 per cent to Rs 1,171.25.

Earlier this week, the Adani group stocks came under intense selling pressure on a report that the NSDL has frozen the accounts of three Mauritius registered funds — Albula Investment Fund, Cresta Fund and APMS Investment Fund — which collectively held shares worth Rs 43,500 crore as of last Friday in these counters.

On Tuesday, the Adani group submitted a clarification by NSDL that the demat accounts of the funds (which held its shares) were in “active status”, but certain other accounts have been “suspended for debit” by the depository in terms of a Sebi order issued in June 2016.

On June 16, 2016, market regulator Sebi had told depositories to freeze beneficiary accounts that would have received underlying shares involved in certain GDR issues. Sebi was investigating the issuance of certain GDRs in the overseas market by Indian companies.

The investigations had revealed that a Dubai-based NRI and three entities connected had perpetrated certain fraudulent scheme in connivance with the promoters or directors of the issuer companies, with the intention of defrauding Indian investors.

However, this order of Sebi did not specifically name the three FPIs.