Ambuja Cements and Adani Ports were removed from the ASM framework on February 13. The listed entities of the Adani group suffered a hammering at the stock market since January 24, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led business group.
The National Stock Exchange (NSE) has removed Adani Enterprises, the flagship entity of ports-to-power conglomerate Adani group, from the short-term additional surveillance framework, reports said on March 6. Adani Enterprises, along with Ambuja Cements and Adani Ports and Special Economic Zone, was put under the short-term additional surveillance measure (ASM) on February 6 amid the high volatility in stocks.
Adani group had denied all the allegations, and accused Hindenburg of committing a “calculated securities fraud”. After weeks of losses, Adani stocks recorded a sharp recovery last week, as global asset management firm GQG Partners announced a cumulative investment of Rs 15,446 crore in Adani Enterprises, Adani Green Energy, Adani Ports, and Adani Transmission.