Beginning on Thursday, the main bourses, BSE and NSE, will place the stocks of Adani Enterprises under the scope of the short-term ASM framework.
The high-low variation, customer concentration, number of price band hits, close-to-close price variation, and price-earnings ratio are the factors that are used for shortlisting shares under ASM.
The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) announced in two separate circulars on Wednesday that Adani Enterprises Ltd. has been shortlisted for the short-term Additional Surveillance Measure (ASM) framework Stage-I. This will take effect on May 25.
The exchanges stated that, in accordance with the short-term ASM, the “applicable rate of margin shall be fifty percent or existing margin, whichever is higher, subject to a maximum rate of margin capped at one hundred percent, with effect from May 26, 2023, on all open positions as of May 25, 2023, and new positions created from May 26, 2023.” This provision will take effect on all open positions as of May 25, 2023, and on new positions created after May 26, 2023. Both the NSE and the BSE withdrew Adani Enterprises from the short-term ASM framework during the month of March.
The shares of Adani Enterprises saw a decline of 5.90 percent on the BSE on Wednesday. Following the announcement that a commission formed by the Supreme Court had found no evidence of stock price manipulation in the group firms, the stock had increased by 39.41% in the preceding three trading days.