The National Stock Exchange (NSE) and BSE on Monday announced that Adani Enterprises will move out of the short-term Additional Monitoring Measures (ASM) framework. , photo credit: AFP
The National Stock Exchange (NSE) and BSE on Monday announced that Adani Enterprises will move out of the short-term Additional Monitoring Measures (ASM) framework.
The move has become effective from March 8, according to the circular available with the exchanges.
Last month, both NSE and BSE placed three Adani group companies, including flagship Adani Enterprises, under the short-term additional surveillance measures framework.
Apart from Adani Enterprises, the other two companies listed by the exchanges were Adani Ports and Special Economic Zone (APSEZ) and Ambuja Cements.
However, APSEZ and Ambuja Cements were removed from the ASM framework on February 13.
Under the short-term ASM, the exchanges said, “The applicable rate of margin will be 50% or the existing margin whichever is higher, subject to a maximum rate of margin of 100%, with effect from March 09, 2023. Till March 08, 2023 and new posts created with effect from March 09, 2023.” Shares of eight listed Adani group firms closed with gains on Monday and Adani Enterprises climbed over 5% amid positive momentum in the broader equity market.
Last week, shares of all listed companies of the Adani group jumped after the group sold minority stake in four of its listed companies to US-based GQG Partners for ₹15,446 crore.
Shares of the group have corrected significantly in the last few trading sessions after a report by US-based short-seller Hindenburg Research took a beating on the exchanges.
The report made several allegations against it, including fraudulent transactions and share-price manipulation.
The group has dismissed the allegations as false, adding that it complies with all laws and disclosure requirements.