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Business News/ Markets / Stock Markets/  Adani Enterprises shares down by 2% as scrip moves to ASM framework again

The shares of Adani Enterprises dropped by over two per cent on Thursday after it was placed under the short-term additional surveillance framework by stock exchanges from May 25.

The stock was down by 2.80 per cent to 2,407.45 on BSE at the time of writing this copy.

On Wednesday, BSE and NSE in two separate circulars said, “applicable rate of margin shall be 50 per cent or existing margin whichever is higher, subject to maximum rate of margin capped at 100 per cent, with effect from May 26, 2023 on all open positions as on May 25, 2023 and new positions created from May 26, 2023."

In March, NSE and BSE removed Adani Enterprises from the short-term ASM framework.

The shares of Adani Enterprises dropped nearly 8 per cent in intraday trade on Wednesday to a low of 2,425.35.

In the past three days, the stock had jumped 39.41 per cent after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies as alleged by Hindenburg Research. 

Profit booking has been recorded in the majority of Adani stocks on Wednesday after their strong rally in the previous few sessions. However, Adani stocks witnessed robust gains in five trading sessions with the Group's flagship firm Adani Enterprises garnering over 30 per cent upside. Currently, the conglomerate's market value is nearly 10 lakh crore. Experts opinion is mixed when it comes to billionaire Gautam Adani-backed listed stocks.

Recently, GQG Partners, who in March, bought 15,000 crore worth of Adani shares, raised the stake in the group by 10 per cent.


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Updated: 25 May 2023, 10:04 AM IST
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