Three Adani Group companies - Adani Enterprises, Adani Ports and Special Economic Zone, and Ambuja Cements - have been placed under the short-term additional surveillance measure (ASM) framework of the BSE and NSE, news agency PTI reported.
The criteria for shortlisting these securities include high-low variation, client concentration, number of price band hits, close-to-close price variation, and price-earning ratio.
The NSE and BSE have stated that these companies meet the standards for inclusion in the short-term ASM. The exchanges have informed that starting from February 6, 2023, a margin of 50% or the existing margin, whichever is higher, will be applicable for all open positions as of February 3, 2023 and any new positions created from February 6, 2023, subject to a maximum cap of 100%. Market experts believe that this means intra-day trading will require a 100% upfront margin.
It should be noted that the shortlisting of these securities is purely for market surveillance purposes and should not be viewed as an adverse action against the concerned companies.
Also Read | 10 flights cancelled in Jan 2022 due to deployment of 5G services in US
However, shares of Adani Enterprises saw a decline of 26% on Thursday, following the company's announcement of not proceeding with its ₹20,000 crore follow-on public offer (FPO) and returning the funds to investors. This followed a 28% drop in the stock's value on Wednesday. Most of the other Adani Group firms also saw a decline for the sixth consecutive day on Thursday, resulting in a combined loss of over ₹8.76 lakh crore for the ten listed Adani Group companies in the past six days.
The decline in Adani Group stocks can be attributed to allegations made by US-based Hindenburg Research in a report, including fraudulent transactions and share price manipulation at the Adani Group, led by Gautam Adani. The Adani Group has dismissed these allegations as false and has stated that it adheres to all laws and disclosure requirements.