NSE, BSE Removes Adani Enterprises from Short-Term Additional Surveillance Framework

NSE, BSE remove Adani Enterprises from short-term additional watch.

The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have removed Adani Enterprises, the flagship entity of port-to-power conglomerate Adani Group, from the short-term additional regulatory framework, reports on March 6 said.

According to a circular provided by the exchange, the move will take effect on March 8.Last month, both the NSE and BSE placed three Adani Group companies, including flagship Adani Enterprises, under the framework of short-term additional supervisory measures.

On February 6, Adani Enterprises was placed under short-term Additional Surveillance Measures (ASM) along with Ambuja Cements and Adani Ports and Special Economic Zone due to high stock volatility.

Under the short-term ASM, the exchange stated that "the applicable margin rate is 50% or the existing margin, whichever is higher, and the maximum margin rate is capped at 100% from March 9, 2023 until March 2023 All open positions on the 8th, as well as new positions created from March 9, 2023."

Ambuja Cements and Adani Ports were removed from the ASM framework on February 13.

Adani Group’s listed entities have been hammered in the stock market since the January 24 report by US short-seller Hindenburg Research alleging stock manipulation and accounting fraud by a business group led by Gautam Adani.

The Adani Group has rejected all allegations and has accused Hindenburg of “calculated securities fraud”.

After weeks of losses, Adani stock rallied sharply last week as global asset manager GQG Partners announced a cumulative investment of Rs 15,446 crore in Adani Enterprises, Adani Green Energy, Adani Ports and Adani Transmission.

Since then, flagship Adani Enterprises has rallied 66% in five sessions, with the stock closing at Rs 1,982.85 on the BSE on March 6.

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