Latest News | NSE Raises Price Band of 4 Adani Group Companies

New Delhi, Jun 6 (PTI) Leading bourse National Stock Exchange (NSE) on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission.

The changes, which will be effective from Wednesday, will ensure that the price of the scrip cannot move upward or downward beyond a limit set for the day, according to a circular.

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NSE has enhanced the circuit limit of Adani Power to a maximum of 20 per cent from the current limit of 5 per cent.

In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10 per cent from the present 5 per cent level.

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The exchange has decided to revise the circuit limit of a total of 172 companies.

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

Generally, exchanges set the circuit limits to curb large movements in the price of shares in a very short time.

The decision was taken after the heavy beating of the Adani stocks following the allegations made by US-based Hindenburg Research against the group.

The Hindenburg report alleged stock 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".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)