Good news for Adani shareholders! BSE, NSE remove 3 Adani stocks from ASM framework

Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Friday said that three Adani Group companies -- Adani Total Gas Ltd, Adani Transmission Ltd and Adani Green Energy Ltd-- will be removed from the ASM framework from May 15.

Both bourses moved Adani Total Gas and Adani Transmission from the second to the first stage of the long-term Additional Surveillance Measure (ASM) framework on March 24.

The exchanges also pushed Adani Green Energy to the first stage of the long-term ASM framework last month.

Adani Transmission on Saturday said its board has approved plan to raise up to Rs 8,500 crore from the market.

As per the two different circulars available on the BSE and NSE websites, the stocks would be removed from the ASM framework on May 15.

PC Jeweller is another stock that was left out of the ASM framework.

MSCI said on Thursday that two Adani group companies, Adani Total Gas and Adani Transmission, will leave the MSCI India Index on May 31.

MSCI Global Standard Index is usually used for measuring worldwide equity portfolios by global investment institutions.

US short-seller Hindenburg Research accused the Adani Group of fraud and stock manipulation; however, the conglomerate denied all the allegations.

Also Read: Adani Enterprises, Adani Transmission: Two Adani Group firms together to raise up to Rs 21,000 cr via QIP

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