NSE, BSE to remove Adani Enterprises from short-term ASM framework from Friday

Leading bourses BSE and NSE will remove the securities of Adani Enterprises from the short-term additional surveillance measure (ASM) framework from Friday, June 2. Adani's flagship firm was put under the short-term additional surveillance framework on May 24.

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Today, in two separate circulars, NSE and BSE said that the securities of Adani Enterprises' securities will be excluded from the framework effective from June 2. Shares of Adani Enterprises fell 0.08 per cent to close at Rs 2,492.25 apiece on the BSE.

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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 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."

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Shares of Adani Group companies came under heavy selling pressure following a damning report by US-based short-seller Hindenburg Research. The short seller, in its report published on January 24, accused the group of fraud and stock manipulation. 

The conglomerate has denied all the allegations but the opposition parties led by Congress have been demanding a JPC probe into the charges. However, a Supreme Court-appointed panel has found no evidence of stock price manipulation in the group companies.

On Monday, BSE and NSE placed the securities of NDTV, an Adani Group company, under the short-term ASM framework from May 30. 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.

(With inputs from PTI)