BSE and NSE on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission. BSE had announced the revision of a total of 477 stocks on June 6 whereas NSE decided to revise the circuit limit of a total of 172 companies.
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.
BSE increases circuit limit to 10%
The country's oldest stock exchange has increased the circuit limit for 232 stocks from earlier 5 per cent to 10 per cent. The exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10 per cent in addition with PC Jeweller, GVK Power, Shriram Asset Management and others.
Adani Power's circuit limit increased to 20%
BSE and NSE have enhanced the circuit limit of Adani Power to a maximum of 20 per cent from the current limit of 5 per cent. BSE has also increased the limit to 20 per cent for Rail Vikas Nigam, EKI Energy Services and Kamdhenu.
BSE increased the new circuit limit to 20 per cent from earlier 10 per cent for 211 stocks that include Tata Teleservices, Zee Media Corporation, Gland Pharma, RattanIndia Power and Goa Carbon.
BSE and NSE had lowered Adani companies circuit limit in January
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".
With input from Agencies.