NSE raised the price band of four Adani Group firms, including Adani Power and Adani Transmission. File
| Photo Credit: Reuters
Leading bourse National Stock Exchange (NSE) on June 6 raised the price band of four Adani Group firms, including Adani Power and Adani Transmission.
The changes, which will be effective from Wednesday, will ensure that the price of the scrip cannot move upward or downward beyond a limit set for the day, according to a circular.
NSE has enhanced the circuit limit of Adani Power to a maximum of 20% from the current limit of 5%.
In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10% from the present 5% level.
The exchange has decided to revise the circuit limit of a total of 172 companies.
In January, bourses BSE and NSE lowered the circuit limit of Adani Transmission, Adani Green Energy and Adani Total Gas.
Generally, exchanges set the circuit limits to curb large movements in the price of shares in a very short time.
The decision was taken after the heavy beating of the Adani stocks following the allegations made by U.S.-based Hindenburg Research against the group.
The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group attacked Hindenburg as “an unethical short seller”, stating that the report by the New York-based entity was “nothing but a lie”.