Gautam Adani: Now this stock will become a rocket! Gautam Adani gets ‘Holi gift’ amid stock surge
To protect investors from short selling or speculative trades when a stock declines significantly, the exchanges put it under short term or long term additional surveillance framework. On January 24, US-based short selling company Hindenburg Research issued a negative report on Adani Group. After this, Adani Group shares fell heavily for more than a month. In view of this, on February 3, NSE had put Adani Enterprises, Ambuja Cements and Adani Ports and Special Economic Zone (APSEZ) in the surveillance framework. Ambuja Cements and Adani Ports were taken out of the framework only last month.
Why did the stock jump
Global asset management company GQG Partners last week invested over Rs 15,000 crore in Adani Group. This put a brake on the fall in Adani Group’s shares and the group’s market cap increased by Rs 2 lakh crore in five days. GQG Partners bought 3.4 per cent stake in Adani Enterprises, 4.1 per cent in Adani Ports, 2.5 per cent in Adani Transmission and 3.5 per cent in Adani Green Energy.
