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Shares of Adani Group companies jumped in early trading on Wednesday after the stock exchanges raised the upper limit of four companies from the group.
The National Stock Exchange (NSE) and BSE on Tuesday announced the adjustment of the upper limit circuit for the transfer of Adani, Adani Green Energy, Adani Wilmar and Adani Power, effective today, June 7.
BSE said it had raised the upper limit constituency for Adani Green Energy, Adani Transmission, to 10 percent from 5 percent. However, for Adani Power, the circuit limit has been raised to 20 percent from 5 percent. The exchanges said they have adjusted the circle limit for a total of 172 companies.
The adjustments will ensure that the share price cannot rise or fall above the limit set for the day, according to a circular issued by the NSE.
After the announcement, Adani shares jumped, with Adani Power trading 4.7 per cent higher at Rs 275.35 on BSE at the time of writing.
Adani Transmission rose 1.86%, and Adani Green Wilmar rose 1.21%. However, Adani Green Energy was trading in a negative note, down 0.49 percent to 988 rupees on BSE.
This comes after exchanges in January modified the circle limit for the group’s four stocks, following a massive rout in the group’s shares following a report by US short seller The Hindenburg Report alleged that the Adani Group was involved in stock market manipulation.
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