Leading exchanges BSE and NSE will start removing Adani Enterprises' stocks from the framework for short-term extra surveillance measures (ASM) on Friday, June 2. On May 24, the main Adani company was placed within the framework for short-term extra surveillance.
NSE and BSE announced today that the securities of Adani Enterprises will be removed from the framework as of June 2 in two different circulars. Adani Enterprises' stock dropped 0.8% to settle at Rs 2,492.25 per share on the BSE.
In their circulars issued last month, the exchanges said, "applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to a maximum rate of margin capped at 100 percent, with effect from May 26, 2023 on all open positions as on May 25, 2023 and new positions created from May 26, 2023."
Following a damaging study by US-based short-seller Hindenburg Research, shares of Adani Group firms came under intense selling pressure. In a report released on January 24 the short seller accused the organisation of stock manipulation and fraud.
The company has refuted all of the allegations, but Congress-led opposition parties have called for a JPC investigation of the claims. A team formed by the Supreme Court, however, has not discovered any proof of stock price manipulation in the group companies.
The Adani Group company NDTV's stocks were added to the short-term ASM framework on Monday by BSE and NSE, effective as of May 30. High-low fluctuation, client concentration, frequency of price band hits, close-to-close price variation, and price-earning ratio are among the criteria for shortlisting shares under ASM.