Big relief to Gautam Adani, BSE-NSE removed monitoring from 3 group companies - Newztezz Online


Friday, March 17, 2023

Big relief to Gautam Adani, BSE-NSE removed monitoring from 3 group companies

NSE and BSE have taken three companies of Adani Group - Adani Enterprises, Adani Power and Adani Wilmar out of short term surveillance.

A decision by the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) has brought great relief to billionaire industrialist Gautam Adani . NSE and BSE have removed the surveillance (short term surveillance) on the shares of Adani Group's three companies - Adani Enterprises, Adani Power and Adani Wilmar. According to the circular, from March 17, these stocks will be kept out of short term surveillance .

NSE and BSE had kept these 3 companies of the group under surveillance since March 8. According to market experts, the removal of this short term surveillance can see a rise in the share price of these companies. On Friday, the BSE Sensex opened at 58,078.11 points with a gain of 443 points. While the NSE Nifty saw a gain of 147.80 points and opened at 17,133.40 points.

Under surveillance, 100 per cent upfront margin is required for intra-day trading in the shares of these companies. To protect investors amid high volatility in the market, some shares are kept in the short-term surveillance framework.

Huge jump in shares

Let us tell you that after being kept under surveillance, there has been a decline in these stocks since March 9. Adani Enterprises shares declined by 6% and Adani Wilmar by 11%, though Adani Power gained by 1.5%. Shares of Adani Transmission, Adani Green Energy and Adani Total Gas will continue to remain under short term surveillance for additional long term monitoring.

At the end of January, Hindenburg Research, a US-based short seller company, released a report against the Adani Group. Since then, there has been a huge decline in the shares of Adani Group.

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. In this report, several allegations were made against Adani Group including manipulation of share-price and accounting fraud. The Adani Group has dismissed the allegations as false, saying it complies with all laws and disclosure requirements.

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