NSE removes Adani Ports, Ambuja Cements, Monarch Networth Capital from surveillance framework
The National Stock Exchange has on Friday removed Adani Ports and Special Economic Zone and Ambuja Cements from the additional surveillance framework with effect from February 13.
NSE’s move comes days after the exchange had placed three Adani group stocksтАУAdani Enterprises, Adani Ports, and Ambuja Cements under additional surveillance measures (ASM) to curb excessive volatility post US short seller Hindenburg Research’s report, which battered the conglomerate’s listed stocks.┬а
The NSE also removed Monarch Networth Capital, Heranba Industries and RKEC from the framework.┬а
Monarch Networth Capital was one of the 10 underwriters of Adani Enterprises’ aborted Rs 20,000-crore share sale.
The Ahmedabad-based brokerage was responsible for “non institutional marketing”, according to the Adani share sale document. Hindenburg had flagged Monarch in its research report for conflict of interest.
The move by the stock exchange, earlier this month, came after a rout in the shares of the billionaire Gautam Adani’s group companies in the aftermath of the scathing report by Hindenburg Research.
Adani Group’s market losses swelled to more than $100 billion, sparking worries about their potential systemic impact.
Adani Group has denied the short-seller’s accusations, saying the allegation of stock manipulation had “no basis” and stemmed from an ignorance of Indian law.
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