During instances of high volatility in stocks, exchanges move them to short-term or long-term additional surveillance framework
During instances of high volatility in stocks, exchanges move them to short-term or long-term additional surveillance framework to safeguard investors from speculative trades.
Since March 9, when these 3 stocks were put under surveillance, Adani Enterprises has fallen by 6% and Adani Wilmar by 11%, while Adani Power has risen 1.5%.
However, Adani Transmission, Adani Green Energy and Adani Total Gas will remain under the long-term additional surveillance framework.
Adani Group stocks have been witnessing huge swings since the controversial report against the group was released by US-based short-seller Hindenburg Research in late January.
Earlier this week, Adani Group announced completion of full prepayment of margin-linked share-backed financing aggregating $2.15 billion, well before the committed timeline of March 31.
In addition, promoters also prepaid the $500-million loan facility taken for financing the acquisition of Ambuja Cements Ltd.
Before this, the group prepaid loans worth Rs 7,374 crore, which were taken against company shares as collateral, ahead of the maturity in April 2025. Through this prepayment, promoters got pledged shares in Adani Ports, Adani Transmission, and Adani Green released.
The prepayment was done following the Rs 15,000 crore worth of stake sale by promoters in 4 Adani Group companies to GQG Partners.
While the prepayments have offered some respite, it does not put to rest the issues surrounding the group, as SEBI is investigating the allegations made against the group.
With newer developments unfolding, volatility is playing on the stocks and selling pressure exists at higher levels. Further, the weak sentiment in the market is further adding to volatility.
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