Adani Group
Adani Enterprises removed from NSE's short-term additional surveillance framework
Mumbai/IBNS: Adani Enterprises, the flagship company of the Adani conglomerate that deals with ports and power, has been taken off the National Stock Exchange's (NSE) short-term additional surveillance framework, media reports said on Monday.
Due to the high volatility in stocks, Adani Enterprises, as well as Ambuja Cements and Adani Ports and Special Economic Zone, were placed under the short-term additional surveillance measure (ASM) on February 6.
On February 13, Ambuja Cements and Adani Ports were both removed from the ASM framework.
The Adani group's publicly listed companies have been hit hard in the stock market since January 24 when the US-based short seller, Hindenburg Research, released a report accusing the Gautam Adani-led business group of stock manipulation and accounting fraud.
The Adani group has refuted all the allegations in the report and has accused Hindenburg of carrying out a "calculated securities fraud."
Following weeks of decline, Adani's stocks saw a significant rebound last week after GQG Partners, a global asset management company, announced a total investment of Rs 15,446 crore in Adani Enterprises, Adani Green Energy, Adani Ports, and Adani Transmission.
Since then, Adani Enterprises has risen by 66 percent over the course of five trading sessions, with the stock closing at Rs 1,982.85 on the BSE on March 6th, reports said.
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