NSE, BSE to move Adani Green Energy to 1st stage of long-term additional surveillance measure framework

New Delhi: Stock exchanges NSE and BSE said on April 6 that Adani Green Energy will be moved to the first stage of the long-term additional surveillance measure framework from April 10. On March 28, both the exchanges had put Adani Green Energy under the second stage of the long-term Additional Surveillance Measure (ASM) framework. In two separate circulars, the bourses said Adani Green Energy will continue in the framework but will be moved to respective lower stage ASM from April 10.

The parameters for shortlisting securities under the ASM framework include high-low variation, client concentration, number of price band hits, close-to-close price variation and price earning ratio.

Meanwhile, stocks of all the 10 listed firms of the Adani group on April 6 ended the day in the positive territory, with Adani Transmission, Adani Green Energy, Adani Total Gas and NDTV each climbing 5 percent. Many of the group firms hit their upper circuit limits during the day. After taking a beating on the bourses following the report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions. The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

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