Adani Enterprises shares plunge after NSE's ASM framework; 5 group stocks hit upper circuit

Adani Enterprises shares plunge after NSE's ASM framework; 5 group stocks hit upper circuit
Shares of Adani Enterprises Ltd (AEL) plunged more than 3% to ₹ 1,950 apiece on the BSE in Thursday's early session whereas that of Adani Power and Adani Wilmar surged to hit 5% upper circuit after the stock exchange NSE imposed additional surveillance mechanism (ASM) framework for the Adani Group stocks. Meanwhile, Adani Transmission, Adani Total Gas, Adani Green Energy also surged to hit upper circuit of 5%. According to an NSE circular, Adani Enterprises , Adani Power, and Adani Wilmar have been included under the short-term additional surveillance mechanism framework from Thursday, following the National Stock Exchange's (NSE) and Bombay Stock Exchange's (BSE) Monday announcement that Adani Enterprises will exit the framework for short-term additional surveillance measures ( ASM ).
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Three Adani Group firms, including the flagship Adani Enterprises, were placed under the framework of short-term additional surveillance measures by the NSE and BSE last month. The other two businesses listed by the exchanges, in addition to Adani Enterprises, were Adani Ports and Special Economic Zone (APSEZ) and Ambuja Cements. Nevertheless, on February 13 APSEZ and Ambuja Cements were excluded from the ASM framework.
The stocks have been rising after the US boutique investment firm GQG Partners' GQG. AX $1. 87 billion investment in the Gautam Adani-led conglomerate on Thursday, after facing a sharp fall since January 24, when the US-based short-seller Hindenburg's report was released.
Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported on Wednesday, citing people who attended the meeting. The investor meeting was part of a worldwide roadshow launched by the conglomerate aimed at reassuring investors that the conglomerate's finances are under control, the report said. Another Bloomberg report earlier in the day said the Adani group has repaid a $500 million bridge loan that was due Thursday.
Billionaire Gautam Adani-led Group has lost around $124 billion since Hindenburg Research accused the Indian conglomerate of alleged stock manipulation in late January. The group has denied the allegations. MINT PREMIUM See All Premium The economics of censoring Roald Dahl Premium Top performing midcap stocks of 2023 so far Premium When Parag Parikh's wife stepped up to help him become .
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