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NSE puts Ambuja Cements under ASM alongwith Adani Ports and AEL

Feb 3, 2023

By: BlinkX Research Team

The National Stock Exchange (NSE) on Thursday placed three Adani stocks, namely, Adani Enterprises, Adani Ports, and Ambuja Cements, under the additional surveillance framework from February 3, 2023.

After the strong allegations of fraud and market manipulation was hit by Hindenburg Research to the company, Adani Group is in trouble and shares are witnessing massive selling pressure from investors as well.

Now, as market regular Securities and Exchange Board of India (SEBI) is reportedly investigating possible irregularities in the FPO, three Adani firms have been put under additional surveillance by the NSE. In a circular by NSE, it is said that the three firms satisfy the criterion for inclusion under ST-ASM Stage 1.

As per the report, apart from the Adani Ports and AEL, the NSE has brought Ambuja Cements as well under ASM on the basis of various factors including price fluctuation, shifting volumes and volatility of the stocks, market capitalization. This will also lead to restrictions on the trade of these three stocks, which may affect Adani Group further.

An additional surveillance measure (ASM) was introduced by the Indian market regulator SEBI and the bourses as a risk containment and surveillance measure in 2018 to monitor highly volatile stocks.

By putting stocks under ASM, exchanges also serve as a warning to investors to keep a tab on unusual price movements.