NSE, BSE put Adani Green under 2nd stage of long term ASM framework from Tuesday

Indian stock exchanges NSE and BSE put Adani Green Energy under the second stage of the long-term additional surveillance measure (ASM) framework from Tuesday.

In two separate circulars, the bourses said Adani Green Energy shall continue in the ASM framework but will be moved to the respective higher stage from March 28, PTI reported. On March 17, both exchanges put Adani Green Energy and NDTV under the first stage of the long-term ASM framework, the report said.

Adani Green shares ended at Rs 977.90 on the NSE on Monday, down Rs 51.45 or 5%.

On Friday, the exchanges had moved two group firms Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I.

The Adani group stocks have taken a beating after a report by US-based short-seller Hindenburg Research was published in January this year. The report had alleged fraudulent transactions and share-price manipulation against the group companies. The Group later came out with clarifications rejecting charges leveled against it as lies, saying it complies with all laws and disclosure requirements.

Meanwhile, all the 10 listed firms of the Adani group on Monday ended the day in the negative territory, with Adani Power, Adani Transmission, Adani Wilmar and Adani Total Gas each falling nearly 5%, PTI reported. Many of the group firms hit their lower circuit limits during the day, the report claimed.

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