Hindenburg report: NSE puts three Adani firms under ASM framework

The National Stock Exchange (NSE) on Thursday shifted Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), and Ambuja Cements to a category of stocks that require up to 100 per cent trading margins and are subject to greater scrutiny to curb short-selling.
 

The purported short-term additional surveillance measure (ST-ASM) Stage 1 will be made applicable to these stocks on new positions created, starting February 6.
 

Under this, traders cannot avail of intraday leverage and their 100 per cent traded value gets blocked as margin.

The move is to shield investors against risky and speculative trades.
 

This list of companies under ASM includes securities currently under watch for volatility and price fluctuations. 
 

The NSE in its circular notes that shortlisting of securities in ASM is purely on account of market surveillance and ‘should not be construed as an adverse action against the company concerned’.
 

APSEZ and Ambuja Cements are already in the ban period in the equity derivatives segment.
 

Further, the exchanges have also reduced the circuit filter for Adani Total, from 10 per cent to 5 per cent, implying the maximum move the stock can take in a day.