Last updated time: 07 Mar 2023 10:19 IST
Shares of Adani Enterprises will come out of NSE’s additional security after a month
Adani Enterprises Shares: Adani Enterprises has been removed from NSE’s short-term supplementary surveillance measure.
Shares of Adani Enterprises: Adani Enterprises has been removed from NSE’s short-term supplementary supervisory measure (ASM) after more than a month. The stock will be out of range from Wednesday, read the stock circular.
The flagship conglomerate was formed on February 2 after the release of the Hindenburg Report, which saw increased volatility in share prices. Along with the flagship conglomerate, Aaron Industries was also excluded from the circle.
Other Adani group companies, Ambuja Cements and Adani Ports and SEZs, were also placed under short-term supplementary supervisory measures (ST-ASM) on February 2. However, these companies left ST-ASM soon after, on February 13.
What is ASM?
In the case of high volatility in stocks, exchanges move funds to short-term or long-term secondary controls to protect investors from short-term or speculative trading.
Shares of Adani Group have recovered sharply in the past few sessions. From February 28 to March 6, Adani Enterprises rose 5% to over 45% in Monday trade amid positive momentum in the broader markets. Other shares of the group also entered the upper circulation. Shares of Adani Power, Adani Transmission, Adani Energy, Adani Total Gas and Adani Wilmar rose 5% each and their closing levels touched their respective upper price ranges. The rise in Adani Group shares is the result of global equity fund GQG investing Rs 15,466 crore in four group entities through block deals last week, saying the group has “fantastic assets”.
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