Adani Green Energy, NDTV to shift to ASM Stage-1 framework today

The NSE and the BSE have decided to move two Adani Group stocks — Adani Green Energy and NDTV — to the first stage of the long-term additional surveillance measures (ASM) framework on March 20.

These securities will continue in the framework but will be moved from long-term ASM framework Stage II to Stage I from Monday, according to separate circulars.

The move also comes close on the heels of the two exchanges excluding Adani Enterprises, Adani Power and Adani Wilmar under the short-term ASM on Thursday.

Last week, both NSE and BSE announced that they had moved stocks of Adani Green Energy and NDTV to long-term ASM framework Stage II from Stage I.

The parameters for shortlisting securities under the ASM framework include high-low variation, client concentration, number of price band hits, close-to-close price variation, and price earning ratio.

NSE and BSE said these companies have satisfied the criteria for inclusion under long-term additional surveillance measures (Long-term ASM).

"Applicable rate of margin shall be 100 percent w.e.f. March 22, 2023, on all open positions as on March 21, 2023, and new positions created from March 22, 2023, onwards. In addition, a lower price band shall be applicable w.e.f. March 20, 2023," as per the exchanges.

Meanwhile, shares of seven Adani Group companies out of the ten listed entities settled higher on Friday, with Adani Enterprises jumping 2 percent amid a positive momentum in equity markets.

At the close of the session, seven of the group firms, including Adani Enterprises, closed in the green territory while three were in the red.

After taking a beating on the bourses, following the report by US-based short seller Hindenburg Research, the group stocks had recovered. However, amid sluggish broader market trends, the group's stocks have declined in the last few trading sessions.

The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.