Relief for Gautam Adani, BSE-NSE removed 3 group companies from monitoring
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New Delhi (Best Hindu News): Troubled Gautam Adani has got a big relief from BSE-NSE. Billionaire industrialist Gautam Adani has got a big relief from a decision of National Stock Exchange and Bombay Stock Exchange. NSE and BSE have removed the surveillance (short term surveillance) on the shares of Adani Group’s three companies – Adani Enterprises, Adani Power and Adani Wilmar. According to the circular, these stocks will be kept out of short term surveillance from March 17.
NSE and BSE had kept these 3 group companies under surveillance since March 8. According to market experts, the removal of this short term surveillance can see a rise in the share price of these companies. On Friday, the BSE Sensex opened at 58,078.11 points with a gain of 443 points. While the NSE Nifty saw a gain of 147.80 points and opened at 17,133.40 points.
Under surveillance, 100% upfront margin is required for intra-day trading in the shares of these companies. To protect investors amid high volatility in the market, some stocks are kept in the short-term surveillance framework.
Let us inform that after being kept under surveillance, there has been a decline in these stocks since March 9. Adani Enterprises shares declined 6% and Adani Wilmar 11%, though Adani Power gained 1.5%. Adani Transmission, Adani Green Energy and Adani Total Gas stocks will continue to remain under short term surveillance for the time being with additional monitoring for longer term.
At the end of January, US-based short seller company Hindenburg Research released a report against the Adani Group. Since then, Adani Group’s shares have seen a steep fall.
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