The NSE and BSE have raised the circuit limits for four stocks belonging to the Adani Group on Tuesday, in order to facilitate higher trading activity
According to an NSE circular, the adjustments, which take effect on Wednesday, June 7, will ensure that the price of the stock cannot go either higher or downward above a limit specified for the day.
The circuit limits have been changed for Adani Green Energy, Adani Transmission, and Adani Wilmar to 10% from 5%. Adani Power will benefit the most as the circuit limit has been raised from 5% to 20%.
Shares of Adani Transmission and Adani Wilmar closed the day on Tuesday at ₹816.25 and ₹429.65, respectively, with a 1% drop. Adani Green Energy shares closed the day 0.4% higher at ₹991.85, while Adani Power shares finished 1.4% higher at ₹263.
A total of 172 companies will have their circuit limits changed, according to the exchange.
The circuit limit for Adani Transmission, Adani Green Energy, and Adani Total Gas was reduced in January by the stock exchanges BSE and NSE. Following allegations made against the company by US-based Hindenburg Research, the decision was made after the Adani stocks took a significant beating.
In the Hindenburg investigation, the conglomerate was accused with stock manipulation and fraud.The Adani Group criticised Hindenburg, calling it ‘an unethical short seller’, and said that the New York-based organisation’s research was ‘nothing but a lie’.
Exchanges examine circuit restrictions on a regular basis while keeping an eye on the volatility and movement of equities. This evaluation includes adjustments to circuit limits. The new circuit limitations will be in place as of Wednesday.
Shares of Adani Transmission and Adani Wilmar closed the day on Tuesday at ₹816.25 and ₹429.65, respectively, with a 1% drop. Adani Green Energy shares closed the day 0.4% higher at ₹991.85, while Adani Power shares finished 1.4% higher at ₹263.
A total of 172 companies will have their circuit limits changed, according to the exchange.
The circuit limit for Adani Transmission, Adani Green Energy, and Adani Total Gas was reduced in January by the stock exchanges BSE and NSE. Following allegations made against the company by US-based Hindenburg Research, the decision was made after the Adani stocks took a significant beating.
In the Hindenburg investigation, the conglomerate was accused with stock manipulation and fraud.The Adani Group criticised Hindenburg, calling it ‘an unethical short seller’, and said that the New York-based organisation’s research was ‘nothing but a lie’.
Exchanges examine circuit restrictions on a regular basis while keeping an eye on the volatility and movement of equities. This evaluation includes adjustments to circuit limits. The new circuit limitations will be in place as of Wednesday.
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Updated: 07 Jun 2023, 08:53 AM IST