NSE and BSE have taken three companies of Adani Group – Adani Enterprises, Adani Power and Adani Wilmar out of short term surveillance.
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National Stock Exchange Decision: Gautam Adani has got a big relief from the decision of National Stock Exchange (NSE) and BSE. Because NSE and BSE have taken three companies of Adani Group – Adani Enterprises, Adani Power and Adani Wilmar out of short term surveillance. As per various circulars available on the exchanges, from March 17 the stock short term surveillance will be kept out of NSE and BSE had placed 3 firms of Adani Group including flagship firm Adani Enterprises under ASM surveillance on 8th March.
According to market experts, keeping stocks under this short-term surveillance would mean 100 per cent upfront margin will be required for intra-day trading. To protect investors from losses amid high volatility in shares in the market, stocks are taken under short term surveillance framework.
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Huge jump in shares
Let us inform that since March 9, when these 3 stocks were kept under surveillance. Adani Enterprises declined by 6% and Adani Wilmar by 11%, while Adani Power gained by 1.5%. However, Adani Transmission, Adani Green Energy and Adani Total Gas will remain under short term surveillance for additional long term monitoring. Shares of the Adani Group have been witnessing a huge jump ever since US-based short-seller Hindenburg Research released a report against the group in late January.
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Adani Group shares fall significantly
Adani Group’s shares had improved a few days after the American Hindenburg Research report. However, Adani Group shares have declined significantly in the last few trading sessions amid a sluggish market trend. A report made several allegations against it, including fraudulent transactions and share-price manipulation. The Adani Group has dismissed the allegations as false, saying it complies with all laws and disclosure requirements.