Last updated: February 03, 2023, 9:42 AM IST
As many as three Adani group companies, including Adani Enterprises, have come under the short-term framework for additional surveillance measures (ASM) from the BSE and NSE, according to the latest data available from the exchanges on Thursday.
Apart from Adani Enterprises, the other two companies listed by the exchanges are Adani Ports and Special Economic Zone and Ambuja Cements.
The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of hits in the price range, close-to-close price variation, and price-to-earnings ratio.
The National Stock Exchange (NSE) and BSE said these companies meet the criteria for inclusion in additional short-term surveillance measures, or ASM.
Under the near-term ASM, the exchanges said “applicable margin percentage is 50 percent or existing margin, whichever is higher, subject to maximum margin percentage capped at 100 percent, effective February 6, 2023 on all open positions by 3 February 2023 and new features will emerge from February 6, 2023″.
Market experts believe that putting this framework in place means that intraday trading requires 100 percent upfront margin.
The exchanges also noted that the shortlisting of securities under ASM is purely for market surveillance purposes and should not be construed as a negative action against the affected company or entity.
Meanwhile, shares of Adani Enterprises fell more than 26 percent on Thursday, a day after the company said it decided not to proceed with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors . The counter had dropped more than 28 percent on Wednesday.
Most other group firms also fell for a sixth straight day on Thursday and 10 listed Adani Group firms have experienced a combined erosion of more than Rs 8.76 lakh crore in the past six days.
Shares of the Adani Group have taken a beating on the stock markets after US-based Hindenburg Research issued a litany of allegations in a report, including fraudulent transactions and stock price manipulation at the Gautam Adani-led group. Adani Group has dismissed the allegations as lies and says it complies with all laws and disclosure requirements.
Read all the latest business news here
(This story has not been edited by News18 staff and was published from a syndicated news agency feed)