New Delhi: The National Stock Exchange (NSE) and BSE on Monday announced that Adani Enterprises will move out from the short-term additional surveillance measure (ASM) framework. The move comes into effect from March 8, according to the circular available with the exchanges.
Last month, both the NSE and BSE had put three Adani Group companies, including the flagship Adani Enterprises, under the short-term additional surveillance measure framework.
Apart from Adani Enterprises, the other two firms 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, “Applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from March 09, 2023 on all open positions as on March 08, 2023 and new positions created from March 09, 2023.”
Stocks of eight listed Adani Group firms settled with gains on Monday and Adani Enterprises rose more than five per cent amid positive momentum in the broader equity market.
Last week, shares of all listed Adani Group companies rallied after the group sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore.
After taking a beating on the bourses following a report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions.
The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.