NSE raises price band of four Adani Group companies

NSE raised the price band of four Adani Group companies, together with 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 companies, together with Adani Power and Adani Transmission.

The adjustments, which might be efficient from Wednesday, will be certain that the price of the scrip can’t transfer upward or downward past a restrict set for the day, in line with a round.

NSE has enhanced the circuit restrict of Adani Power to a most of 20% from the present restrict of 5%.

In addition, the trade has elevated the circuit restrict of Adani Wilmar, Adani Green Energy and Adani Transmission to 10% from the current 5% degree.

The trade has determined to revise the circuit restrict of a complete of 172 companies.

In January, bourses BSE and NSE lowered the circuit restrict of Adani Transmission, Adani Green Energy and Adani Total Gas.

Generally, exchanges set the circuit limits to curb massive actions within the price of shares in a really quick time.

The determination was taken after the heavy beating of the Adani shares following the allegations made by U.S.-based Hindenburg Research towards the group. 

The Hindenburg report alleged inventory 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”.