The National Stock Exchange (NSE) has placed Adani Enterprises, Adani Ports and Ambuja Cements under the Additional Surveillance Mechanism (ASM).
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Securities under ASM are shortlisted as per these parameters: high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.
The National Stock Exchange (NSE) and BSE said these companies have satisfied the criteria for inclusion in short-term additional surveillance measure or ASM.
Now, trading in the shares of these three Adani group firms will require a 100 percent margin, which is aimed at curbing speculation and shortselling.
Related video: Adani Group’s Chairman Gautam Adani gives big statement on the decision to cancel FPO (Zee News)
Additional surveillance mechanism (ASM)
According to the NSE website, “In continuation to various surveillance measures already implemented, SEBI and Exchanges, pursuant to discussions in joint surveillance meetings, have decided that along with the aforesaid measures there shall be Additional Surveillance Measures (ASM) on securities with surveillance concerns based on objective parameters viz. Price / Volume variation, Volatility etc.”
Under the short-term ASM, “applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from February 6, 2023 on all open positions as on February 3, 2023 and new positions created from February 6, 2023”, the exchange said.
Meanwhile, Adani group shares continued their slide on Thursday, a day after the flagship firm Adani Enterprises cancelled its Rs 20,000-crore Follow-on Public Offer (FPO) and said it will return the proceeds to investors.
Shares of the conglomerate have declined for the sixth day in a row and all its 10 listed firms have seen a combined erosion of over Rs 8.76 lakh crore in these six sessions.