Recent developments include the withdrawal of Adani Enterprises’ securities from the short-term Additional Surveillance Measure (ASM) framework, which was notified by the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). This choice will take effect on Friday.
The action was taken after both bourses on May 24 included Adani Enterprises under the ASM framework. But from of June 2, Adani Enterprises’ securities would no longer be covered by the short-term ASM framework, according to separate circulars published on Thursday by the NSE and BSE.
It is worth noting that earlier this week, NDTV, a company under the Adani Group, had also been included in the short-term ASM framework by both the BSE and NSE.
Following this news, the stock price of Adani Enterprises experienced a marginal decline of 0.08% and closed at Rs 2,492.25 per share on the BSE.
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Since January 24, when US short-seller Hindenburg Research published a report accusing the conglomerate of fraud and stock manipulation, the Adani Group has been the subject of controversy. All of the accusations have been vehemently denied by the Adani Group. A Supreme Court-appointed commission also discovered no proof of stock price manipulation inside the corporation.
As the NSE and BSE take this step to remove Adani Enterprises’ securities from the short-term ASM framework, the conglomerate continues to face scrutiny and navigate through the aftermath of the allegations.
About Adani Enterprises:
Adani Enterprises Limited, a member of the Adani Group, is a publicly-listed Indian multinational holding company. Headquartered in Ahmedabad, it mainly focuses on the mining and trading of coal and iron ore.
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