Adani-Hindenburg Saga: Adani Total Gas, Adani Transmission to move to long term ASM Stage-1 framework from Monday

Adani-Hindenburg Saga: Indian stock market exchanges NSE and BSE on Friday said Adani Total Gas and Adani Transmission will move to the first stage of the long-term additional surveillance measure framework from Monday, March 27, 2023.

On March 10, both exchanges put the two companies under the second stage of the long-term Additional Surveillance Measure (ASM) framework.

In two separate circulars, the bourses said these securities will continue in the framework but will be moved from respective lower stage ASM from March 27.

Earlier, the Indian bourses on Wednesday said they would include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday.

Adani Power is shortlisted in short-term ASM framework Stage-I effective March 23, according to separate circulars available on the exchanges.

Indiabulls Enterprises Ltd is another stock that will move from Stage II to Stage I of the long-term ASM framework.

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.

Seven Adani group stocks end lower

Seven of the ten Adani group-listed firms ended the day in the negative territory on Friday amid a weak trend in the broader market.

The stock of NDTV tumbled 4.87 per cent, Adani Power tanked 4.27 per cent, Adani Wilmar dropped 3.24 per cent, Adani Enterprises fell 2.90 per cent, Adani Ports declined 2.56 per cent, ACC dipped 2.08 per cent and Ambuja Cements ended marginally lower by 0.01 per cent on the BSE.

NDTV hit its lower circuit limit during the day. However, shares of Adani Green Energy jumped 4.84 per cent, Adani Transmission climbed 3.78 per cent and Adani Total Gas gained 2.49 per cent.

In a volatile trade, the 30-share BSE Sensex fell 398.18 points or 0.69 per cent to finish at 57,527.10.

The group stocks have taken a beating on the exchanges since the report by US-based short-seller Hindenburg Research came in January this year.

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.

With PTI Inputs