Ambuja Cements shares put on NSE watchlist after Adani-driven surge

Ambuja Cements lost 7 per cent in the previous two sessions before rising on Friday

Shares of India’s second-largest cement maker have been put on a short-term watchlist after they surged more than 40 per cent following billionaire Gautam Adani’s acquisition of the company in May.

Ambuja Cements was added to the Additional Surveillance Mechanism, which the bourse uses to “alert and advice investors to be extra cautious while dealing in these securities,” according to the National Stock Exchange of India’s website on September 21. Adani spent $6.5 billion to buy a controlling stake in Ambuja and ACC Ltd. from Swiss firm Holcim.

Stocks on the list tend to witness selling pressure as they undergo extra scrutiny