On Monday, National Stock Exchange (NSE) and BSE announced the removal of Adani Enterprises from the short-term additional surveillance measure (ASM) framework. According to the circular offered by the exchanges, the change will take effect on March 8.
The exchanges, under the short-term ASM said, “Applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from March 09, 2023 on all open positions as on March 08, 2023 and new positions created from March 09, 2023.”
Adani Enterprises gained more than 5% on Monday as the stock of eight Adani Companies that are publicly traded closed the day in the green.
After the group’s sale of minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore, shares of all listed Adani Group companies rose last week.
Following a report by US-based short seller Hindenburg Research, the group stocks took a hit on the stock exchanges, although they have since made significant gains.
A long list of charges against it, including share price manipulation and fraudulent transactions, were made in the study. The group has rejected the allegations and said that it complies with all law and disclosure requirements.
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