2 Adani Mega-Caps to Move to Lower Stage Long-Term ASM

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2 Adani Mega-Caps to Move to Lower Stage Long-Term ASM
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic bourses National Stock Exchange and Bombay Stock Exchange have announced two Adani Group stocks under their second stage of the Long-Term Additional Surveillance Measures (ASM) framework (Stage-II), will be moved to the first stage of the long-term ASM framework, with effect from March 27, 2023.

The two Adani stocks include the mega-caps Adani Total Gas (NS: ADAG ) and Adani Transmission (NS: ADAI ).

The two stock exchanges clarified that the Adani Group majors will continue to remain under the ASM framework but shall be shifted to a lower stage, starting Monday. 

Further, the small-cap stock Indiabulls (NS: INBF ) Enterprises will also be moved to Stage-I of the long-term ASM framework from Stage II.

The bourses had added the two Adani Group stocks under the Long Term-ASM framework earlier this month on March 10, 2023, as the stocks satisfied the criteria for inclusion. 

The major triggers for shortlisting securities under the ASM framework include client concentration, high-low variation, close-to-close price variation, number of price band hits and PE ratio.

The shortlisting of securities under ASM is purely on account of market surveillance, and it should not be construed as an adverse action against the concerned company or entity.

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