Leading bourses NSE and BSE on Wednesday said they will 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.
The move also comes close on the heels of the two exchanges moving Adani group stocks — Adani Green Energy and NDTV — from the second stage of the long-term ASM framework to Stage I on Monday. Interestingly, both the exchanges had put Adani Power along with Adani Enterprises and Adani Wilmar under short-term ASM on March 8. However, these three stocks were excluded from the short-term ASM framework on March 17.
Currently, there is no Adani group stock in the short-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.
The NSE and BSE
The bourses 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, stocks of eight Adani group companies out of the 10 listed entities closed in the green territory on Wednesday.
After taking a beating on the bourses, following the report by US-based short seller Hindenburg Research, the group stocks had recovered. However, amid sluggish broader market trends, the group’s stocks have declined in the last few trading sessions. 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.