Leading bourses BSE and NSE will put the securities of Adani Group's flagship arm, Adani Enterprises Ltd, under the short-term ASM framework from Thursday.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.
Adani Enterprises Ltd is shortlisted in short-term Additional Surveillance Measure (ASM) framework Stage-I effective from May 25, the National Stock Exchange (NSE) and the BSE said in two separate circulars on Wednesday.
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 May 26, 2023 on all open positions as on May 25, 2023 and new positions created from May 26, 2023.'' In March, NSE and BSE removed Adani Enterprises from the short-term ASM framework.
On Wednesday, Adani Enterprises stock tumbled 5.90 per cent on the BSE. In the past three days, the stock had jumped 39.41 per cent after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies as alleged by US short seller Hindenburg Research.
Earlier this month, Adani Enterprises that it will look to raise up to Rs 12,500 crore through QIP or other permissible modes. This will be the first instance of fundraising by the company after it withdrew its Rs 20,000-crore FPO due to the fallout from the scathing Hindenburg report.
With inputs from PTI
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