Adani Enterprises, Adani Ports And Ambuja Under NSE's Additional Surveillance From Today

Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., and Ambuja Cements Ltd. will be under the National Stock Exchange's short-term additional surveillance starting Feb. 6.

India's largest bourse had on Feb. 2 announced the decision to move the stocks under additional surveillance or ASM.

From Monday, the applicable margin on the three stocks will be 50% or existing margin, whichever is higher, subject to maximum rate of margin capped at 100%, the NSE circular had said. This will be effective on all open positions as on Feb. 3 and new positions created from Feb. 6.

"It may also be noted that the shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company/entity," the NSE had said.

The ASM Framework is based on objective parameters like price/volume variation and volatility, among others.

The parameters include high-low variation, client concentration, close to close price variation, market capitalisation, volume variation, delivery percentage, number of unique PANs and price equity ratio.

The surveillance measures were imposed after shares of several Adani Group companies plunged following a report by New York-based Hindenburg Research questioning alleged related-party network. The Adani Group has called the report a "malicious combination of selective misinformation and stale, baseless, and discredited allegations that have been tested and rejected by India’s highest courts".

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.