According to a report by CNBC-TV18, Adani Green Energy Ltd's shares rose by 5% and hit the upper circuit following a large block deal where around 13.70 lakh shares, worth Rs 123.09 crore, were traded at an average price of Rs 899 per share. However, the identity of the buyers and sellers remains unknown.
As of 10am, the stock was trading at Rs 897.80 on the BSE, which is a 5% increase from the previous close, while the Sensex rose by 0.23% to 59,968.61 points.
Adani Green Energy's stock had previously been placed under the second stage of the long-term additional surveillance measure framework by both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on March 28. However, on April 10, the stock was shifted to the first stage of the same framework after remaining in the additional surveillance measure (ASM) framework.
The selection criteria for stocks placed under the ASM framework typically includes factors such as price variations, client concentration, frequency of price band hits, variations in close-to-close prices, and price to earnings ratios.