Shares of billionaire Gautam Adani-led Adani Enterprises surged as much as 15 per cent to hit an intraday high of Rs 1,372.50 after report suggested that it surpassed Mukesh Ambani-backed Reliance Industries to become top traded stock on the NSE in February.
Adani Enterprises, the flagship company of Adani Group, became the most heavily traded stock on the NSE in the month of February. According to exchange data, Adani Enterprises recorded trading volume of Rs 46,832.5 crore which was 5 per cent of its overall exchange turnover of Rs 9.36 lakh crore. On the other hand, RIL’s overall exchange turnover is just 1.44 per cent which accounted for Rs 13,500.54 crore in turnover, newspaper Mint reported.
After the Hinderburg Report surfaced, which alleged Adani Group of fraud, illegal use of off-shore tax havens and stock price manipulation, the stock to became most actively traded stock in January with a turnover of Rs 25,543 crore.
NSE after consulting with market regulator SEBI has doubled the trading margin required for Adani Enterprises to 65 per cent of the contract value and has put the stocks under short-term surveillance measures to restrain traders from over-speculating. The move was triggered after the report was published by the US-based short seller.
Adani Group is also working hard to win back the confidence of investors after the massive sell-off in its stocks. The company recently announced investor road shows to assuage investor concerns. Since, January 24 report, Adani Enterprises shares have lost a whopping 75 per cent from 52-week high of Rs 4,190 to hit 52-week low of Rs 1,017.