(Bloomberg) -- Shares of Adani group companies slipped after a report said that a depository company has frozen the accounts of three overseas funds, which own over 435 billion rupees ($6 billion) worth of shares in four of the group’s firms.

The National Securities Depository Ltd. has frozen the accounts of Albula Investment Fund, Cresta Fund and APMS Investment Fund due to insufficient disclosure of information regarding beneficial ownership, the Economic Times newspaper reported on Monday, citing people it didn’t identify.

The funds are based out of Mauritius and registered at the same address in Port Louis and the frozen accounts, as of May 31, won’t be able to sell or buy new securities, the report said.

Adani Ports & Special Economic Zone Ltd. and Adani Enterprises Ltd. dropped as much as 19% while Adani Total Gas Ltd., Adani Green Energy Ltd., Adani Power Ltd. and Adani Transmission Ltd. fell 5% each.

An Adani Group spokesperson declined to comment immediately. A SEBI spokesperson didn’t immediately respond to a request for comments.

A sharp rally in the shares of Adani Group companies had added over $40 billion to the wealth of billionaire Gautam Adani this year, making him the second-richest person in Asia. The quick surge in these stocks, largely held by overseas funds and with very little public float, had also led some analysts to flag the risks involved.

The group’s stocks, especially Adani Total Gas, Adani Enterprises Ltd. and Adani Transmission Ltd., “look extended,” Bloomberg Intelligence analysts Gaurav Patankar and Nitin Chanduka wrote in a June 10 note after analyzing technical indicators.

“Among the biggest foreign investors are a few Mauritius-based funds holding over 95% of assets in these companies,” the analysts wrote. “Such concentrated positions, along with negligible onshore ownership, create asymmetric risk-reward as large investors conspicuously avoid Adani.”

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