All stocks of the Adani Group, except for two, were making losses on the Bombay Stock Exchange on Tuesday afternoon. This was despite a clarification from the National Securities Depository Limited that the accounts of three foreign funds, holding more than Rs 43,000 crore worth of the group’s shares, are “active” and not frozen as was reported on Monday.

At 2 pm on Tuesday, Adani Green Energy and Adani Enterprises were gaining 2.81% and 2.49%, respectively. However, Adani Ports was 0.23% in the losses, while three other stocks – Adani Power, Adani Transmission and Adani Total Gas – were locked in 5% lower circuit limit on the BSE.

Exchanges set lower and upper circuits, in percentage terms of price band of stocks, within which they can be traded. Trading is halted on a particular stock when the price breaches either of the limits.

The downturn in Adani Group stocks was triggered on Monday after The Economic Times reported that three foreign funds – Albula Investment Fund, Cresta Fund and APMS Investment Fund – were frozen by the National Securities Depository Limited. These three funds together own over Rs 43,500 crore worth of shares in four Adani Group companies.

An account freeze means the funds are not able to sell any of the existing securities nor buy any new securities.

However, on Tuesday, the National Securities Depository Limited issued a clarification that the accounts mentioned by the report were “active”. On Monday, the Adani Group had also issued a statement stating that the report was “blatantly erroneous” and “done to deliberately mislead the investing community”.

However, the group’s stocks faced significant damage, losing market capitalisation worth more than $6 billion (nearly Rs 44,000 crore), Reuters reported. The flagship Adani Enterprises stock closed 6.3% in the losses, after plunging as much as 25%, its steepest fall in nearly a decade.