The BSE and NSE, the two leading Indian stock exchanges, have said that Adani Green Energy will be put under the second stage of the long-term additional surveillance measure (ASM) framework from Tuesday, the PTI reported. In two separate circulars, the bourses said Adani Green Energy shall continue in the ASM framework but will be moved to the respective higher stage from March 28.


According to the report, the move also comes close on the heels of the two exchanges moving two group firms Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I on Friday.


On March 17, both exchanges put Adani Green Energy and NDTV under the first stage of the long-term ASM framework.


Meanwhile, all the 10 listed firms of the Adani group on Monday ended the day in the negative territory, with Adani Power, Adani Transmission, Adani Wilmar, and Adani Total Gas each falling nearly 5 per cent. Many of the group firms hit their lower circuit limits during the day.


Adani Group stocks have taken a beating on the exchanges since a report by US-based short-seller Hindenburg Research was published in January this year. The report had made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. 


Earlier in mid-March, the NSE and the BSE have announced that Gautam Adani-led Adani Group's three firms, Adani Enterprises, Adani Power, and Adani Wilmar, will move out of the short-term additional surveillance measure (ASM). The stocks will be excluded from the short-term ASM framework with effect from March 17, according to separate circulars available on the exchanges.


The NSE and the BSE had put the three Adani Group companies, including the flagship firm Adani Enterprises, under the ASM framework on March 8. The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.