WATCH: Gautam Adani breaks silence on stock crash

Chairman Gautam Adani on Monday spoke out against the media reports that caused stocks of the Adani Group companies to nosedive last month.

Media reports had claimed that the National Securities Depository Ltd had frozen the accounts of three foreign funds that own sizeable stakes in Adani Group companies, causing the Adani Group shares to hit the lower circuit and wiped off considerable personal wealth of Gautam Adani.

Addressing shareholders on Monday, Gautam Adani said, "Recently, a few media houses indulged in reckless and irresponsible reporting related to administrative actions of regulators. This caused unexpected fluctuations in the market prices of Adani stocks."

"Some of our small investors were affected by this twisted narrative in which some commentators and journalists seemed to imply that companies have regulatory powers over their shareholders and that companies can compel disclosure. In the long term, such diversions will not impact us. Every challenge hurled at us only makes us stronger," he added. 

He also informed that the Adani Group had crossed $100 billion in market capitalisation