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HomeCURRENT AFFAIRSBUSINESSAdani-Hindenburg Row: Three Adani firms gridlocked under Additional Surveillance by BSE, NSE

Adani-Hindenburg Row: Three Adani firms gridlocked under Additional Surveillance by BSE, NSE

Latest data available with NSE and BSE have revealed that three Adani Group Companies which includes Adani Enterprises, have come under the framework of short-term surveillance measure (ASM). Apart from Adani Enterprises, two other firms listed by the exchanges are Adani Ports and Special Economic Zone & Ambuja Cements.

Three Adani Group Companies come under short term additional surveillance measure (ASM) framework of BSE and NSE

The parameters for shortlisting securities are as below:

  • High-low variation
  • Client concentration
  • Number of price band hits
  • close to close price variations
  • price-earning ratio

NSE and BSE have said that these companies have satisfied the criteria for short term additional surveillance measure.

The exchanges stated that

“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 February 6, 2023 on all open positions as on February 3, 2023 and new positions created from February 6, 2023”.

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The shortlisting of securities under ASM, according to the exchanges, is solely done for market surveillance purposes. The exchanges have also stressed that ASM should not be interpreted as a negative action against the impacted company or entity.

Shares of Adani Group Companies on Free Fall after after it scraps its FPO

A day after the Adani Group announced it would cancel its 20,000 crore Follow-on-Public Offer (FPO) and return the funds to investors, the shares of Adani Enterprises Limited are in freefall and have dropped over 26%.

10 listed Adani Group firms have faced a combined slump of over Rs 8.76 lakh crore in past six days.

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