Apart from Adani Enterprises, the other two firms listed by the exchange are – Adani Ports and special Economic Zone and Ambuja Cements.
As many as three Adani Group companies including Adani Enterprises, have come under short term additional surveillance measures (ASM) Framework of the BSE and NSE. according to the latest data available with e exchanges on thursday. apart from ADANI Enterprises, the other two firms listed by the exchanges are – Adani Ports and special Economic zone and AMBUJA CEMENT. (INFORMATIONS ONLY)
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.
The National Stock Exchange (NSE) and BSE said these companies have satisfied the criteria for inclusion in short term additional surveillance measure or ASM.
Under the short term ASM, the excanges said, applicable rate of margin shall be 50 per cent or existing margin whicever is higher, subject to maximim rate of margin capped at 100 percent, with effect form february 6, 2023 on all open positions as on february 3, 2023 and new positions created form February 6, 2023. (More Details: InformationsOnly.com)
Market experts believe that putting in this framework means intra day trading would require 100 percent upfront margin.
The exchanges also noted that the shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company or entity.
Meanwhile shares of Adani enterprises tumble over 26 percent on Thursday, a day after the firm said it has decided not to go ahead with its Rs. 20000 crore follow on public offer (FPO) and will return the proceed to investors, The counter had plunged more than 28 percent on Wednesday.
Most of the other group firm also declined for the sixth day in a row on Thursday and 10 listed Adani Group firm have faced a combined erosion of over rs. 8.76 lakh crore in past six days.
Adani group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani Group. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirments. (More Details: InformationsOnly.com)