Shares of Adani Total Gas Ltd slipped 3.17% to ₹700 in early trade on Tuesday, September 24, extending losses from the previous session. The counter came under pressure as investors opted for profit booking following a sharp surge earlier in the week.
Profit booking after sharp rise
On Monday, Adani Total Gas shares had already fallen 5% intraday to ₹741.35, as investors rushed to lock in gains after the stock’s strong rally. The weakness has continued into Tuesday’s session, with traders cautious about elevated valuations in the near term.
ASM framework weighs on sentiment
Adding to the selling pressure, the stock has been placed under the short-term Additional Surveillance Measure (ASM) framework, a regulatory step aimed at curbing volatility and excessive speculation. The move typically leads to reduced participation from leveraged traders, keeping the stock under check.
At the time of writing, shares of Adani Total Gas were trading at ₹700, down ₹22.95 from the previous close of ₹722.95. Despite the decline, the stock remains one of the more volatile counters within the Adani Group basket, closely tracked by investors and regulators alike.
