In two separate circulars, NSE and BSE said Adani Green Energy would continue in the framework but will be moved to respective lower stage of ASM from April 10. 
In two separate circulars, NSE and BSE said Adani Green Energy would continue in the framework but will be moved to respective lower stage of ASM from April 10. Shares of Adani Green Energy will be moved to the first stage of the long-term additional surveillance measure framework (ASM) from April 10, said BSE and NSE on Thursday. The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) had placed Adani Green Energy under the second stage of the framework on March 28.
In two separate circulars, NSE and BSE said Adani Green Energy would continue in the framework but will be moved to respective lower stage of ASM from April 10.
The parameters for shortlisting securities under the ASM framework include high-low variation, client concentration, number of price band hits, close-to-close price variation and price earning ratio.
On March 17, both exchanges put Adani Green Energy and NDTV under the first stage of the long-term ASM framework.
On Thursday, Adani Green Energy shares ended in the green after falling for six days. The stock closed 5% higher at Rs 855 against the previous close of Rs 814.35 on BSE. The Indian stock market will remain closed today on account of Good Friday.
The shares of Adani Group have corrected significantly since January 24 when a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group.
The Hindenburg Research report that jolted the Adani Group’s fortunes and future plans came just before Adani Enterprises’ Rs 20,000 crore follow-on-public offer (FPO) opened. The Hindenburg report accused the Adani Group of accounting fraud and stock manipulation. The Adani Group had denied Hindenburg’s allegations as being “malicious”, “baseless”, and a “calculated attack on India.”
Adani Group had said that the timing of the Hindenburg report's publication clearly betrays a brazen, mala fide intention to undermine the group's reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.
The flagship firm of Adani Group called off its Rs 20,000-crore follow-on public offer (FPO) after market hours on February 1 and said money would be returned to investors.
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