Adani Enterprises Exits NSE’s Short-Term ASM Framework After a Month

Last Updated: March 07, 2023, 10:19 IST

Adani Enterprises stock exits NSE’s additional security framework after a month

Adani Enterprises Shares: Adani Enterprises has been removed from the NSE’s short-term additional surveillance measure

Adani Enterprises Shares: Adani Enterprises has been removed from the NSE’s short-term additional surveillance measure (ASM) after over a month. The stock will move out of the framework with effect from Wednesday, read an exchange circular.

The flagship conglomerate was put under the framework on 2 February, following the heightened volatility in the share prices after the dissemination of the Hindenburg report. Along with the flagship conglomerate, Aaron Industries was also removed from the framework.

Other Adani group companies, Ambuja Cements and Adani Ports and SEZ, were also put under the short-term additional surveillance measure framework (ST-ASM) on 2 February. However, these companies exited the ST-ASM framework shortly after, on 13 February.

What is ASM?

During instances of high volatility in stocks, exchanges move stocks to short-term or long-term additional surveillance framework to safeguard investors from short selling or speculative trades.

Over the few past sessions, the Adani group shares have seen a sharp recovery. From 28 February to 6 March, Adani Enterprises has gained over 45%, rising 5% in trade on Monday amid positive momentum in the broader markets. Other of the group shares hit their upper circuit as well. Shares of Adani Power, Adani Transmission, Adani Energy, Adani Total Gas and Adani Wilmar jumped 5% each and their closing levels touched the respective upper price bands. The jump in Adani group stocks is a result of global equity fund GQG’s Rs 15,466 crore investment in four group entities via block deals last week, saying the group has “fantastic assets”.

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