Adani Green Energy shares hit 5% lower circuit limit as stock enters Stage 2 of long-term ASM

Shares of Adani Green Energy hit their 5 per cent lower circuit limit in Tuesday's trade as the scrip entered under the Stage 2 of the long-term additional surveillance measure (ASM) framework. The scrip was added to Stage 1 of the long-term ASM framework on March 17.

The stock stood at Rs 935.50 on BSE, down 5 per cent. This was in addition to a 4.4 per cent drop in the Adani group stock on Monday.

In two separate circulars, the stock exchanges said Adani Green Energy would stay in the ASM framework, but will be moved to the respective higher stage from March 28. The move comes close on the heels of the two exchanges moving two group firms Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I on Friday.

The Adani group stocks have taken a beating on the exchanges since a report by US-based short-seller Hindenburg Research was published on January 24 this year. The report had made several allegations, including fraudulent transactions and share-price manipulation, against the Adani group firms.

While Adani Green Energy has soared 112 per cent from its March 28 low of Rs 439.35, it still needs a 226 per cent rally to revisit its 52-week high of Rs 3,048 hit in April 2022.

The market capitalisation of Adani group recovered from a sub-Rs 7 lakh crore on February 27 to nearly Rs 10 lakh crore. It was still half the January 24’s  closing group market capitalisation of Rs 19,19,888 lakh crore.

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