BSE increases circuit limits for four Adani firms' stocks; Adani Power biggest beneficiary

The BSE has on Tuesday increased circuit limits for four Adani Group firms' stocks, which will allow higher participation in those scrips.

For Adani Green Energy Ltd, Adani Transmission Ltd, and Adani Wilmar Ltd, the circuit limits have been revised to 10% from 5%. Adani Power will be the biggest beneficiary as the circuit limit has been increased to 20% from 5%.

On Tuesday, shares of Adani Wilmar and Adani Transmission closed trading 0.61% down and 1.4% lower at Rs 429.6 and Rs 816.2, respectively. Shares of Adani Green Energy closed 0.5% higher at Rs 992.85 and that of Adani Power ended 1.4% higher at Rs 263.

Last week, the National Stock Exchange (NSE) and BSE removed the securities of Adani Enterprises from the short-term ASM framework.

On May 24, both the bourses put Adani Enterprises under the short-term additional surveillance measure (ASM) framework.

US short-seller Hindenburg Research, in its January 24 report, levelled allegations of fraud and stock manipulation against the Adani group. The conglomerate has denied all the allegations. However, a Supreme Court-appointed panel found no evidence of stock price manipulation in the Group companies.

Adani Group on Monday said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.

In a credit note released on Monday, Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another $700 million in loans taken for the acquisition of Ambuja Cements.