Shares of all Adani Group companies were in deep-red at market open on Friday.
What Happened: As the company kept bleeding at the stock market on Thursday, the National Stock Exchange put Adani Enterprises, Adani Ports and Special Economic Zone, and Ambuja Cements, under short-term additional surveillance measure (ASM).
This means that effective from today intraday trading in the shares will require a 100% upfront margin. The measure is taken to curb short-selling and speculation.
See Also: Top 10 Richest People In India In February 2023
Introduced in 2018, ASM is meant to be a signal to investors of unusual price movement and extreme volatility.
Since the Hindenburg report came out on Jan. 24, all Adani Group stocks have seen massive losses at the market resulting in Gautam Adani-led group losing a massive $108 billion in market value.
Late Thursday, U.S.-based Citigroup reportedly joined Credit Suisse as it stopped accepting the company's security bonds as collateral for margin loans.
In another Jolt, the group's flagship company, Adani Enterprises will be removed from Dow Jones Sustainability Indices, effective before the market opens on Tuesday, Feb. 7.
The index announcement read "Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud."
This comes as India's opposition continues to pressure the government over the issue. Congress has announced a nationwide protest on Feb. 6. It has expressed concern over the exposure of public institutions due to the rout in Adani Group stocks.
Price Action: This is how the Adani Group shares traded as the markets opened on Friday.
Adani Enterprises shares traded 10% lower at ₹1,408.25.
Adani Green Energy was down 10% to trade at ₹934.25.
Adani Ports & SEZ was down 3.25% to trade at ₹443.80.
Adani Power shares traded 5% lower at ₹192.05.
Adani Total Gas shares traded 5% lower at ₹1,625.95.
Adani Wilmar shares plunged to hit lower circuit at open, down 5% to ₹400.40.
Adani Transmission shares were down 10% to ₹1,401.55.
Ambuja Cement shares traded 1.23% lower at ₹348.60. ACC shares traded 0.61% lower at ₹1,819.30.
NDTV was down 4.98% to trade at ₹211.75.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.