Friday, June 2, 2023

Adani Green Energy put under second stage of longterm ASM framework from today

After moving two Adani firms to Stage 1 of additional surveillance measure(ASM), the NSE and BSE will move Adani enterprises’ energy production arm, Adani Green Energy under the second stage of the long-term ASM framework by the NSE and BSE from Tuesday.

In two seperate circulars, the bourses said Adani Green Energy shall continue in the ASM framework but will be moved to the respective higher stage from March 28.

The move also comes after the two bourses put Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I on Friday.

On March 17, the NSE and BSE had put Adani Green Energy and NDTV under the first stage of the long-term ASM framework. On the other hand, all the 10 listed firms of the Adani group on Monday ended the session in red. During the trading on the stock market, h Adani Power, Adani Transmission, Adani Wilmar and Adani Total Gas each fell nearly by 5 per cent on Monday.

Moreover, many of the group firms hit the lower circuit limits during intraday trading on Monday. The group stocks tumbled heaviy after a report by US-based short-seller Hindenburg Research was published in January this year.

The reports had alleged Gautam Adani and his company of fraudulent transactions and share-price manipulation, against it.

However, the Adani group has dismissed all the charges against it made by the short-seller, Hindneburg. The company also clarified of complying with all laws and disclosure requirements. Moreover, the issue has also become a major controversy in nation’s political scenario. 

(With inputs from agency)

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