MC A10 Index, a sentimeter of Adani group stocks, snapped its three-day winning run and fell 2.5 percent to 38.82 on March 20. Adani Green Energy was the lone soldier in green, while all other group stocks ended the day in the red.
The index captures the real-time price movement in all 10 Adani group stocks. The individual companies in A10 have weights in proportion to their total market cap.
Adani Power and Adani Total Gas were locked in a lower circuit and ended the day 5 percent lower from the previous close. Adani Enterprises, NDTV and Ambuja Cements were the other top drags, declining 3 percent each.
The group's market capitalisation fell to Rs 9.23 lakh crore from Rs 9.44 lakh crore on March 17.
The stocks were weighed down after a PTI report stated that the group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat. It is now focused on consolidating operations and addressing investor concerns following the report by Hindenburg Research.
The group’s flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd, for setting up a greenfield coal-to-PVC plant at the Adani Ports and Special Economic Zone (APSEZ) land in the Kutch district of Gujarat.
Ever since the publication of the Hindenburg report alleging 'stock manipulation' and 'accounting fraud' by the conglomerate, Rs 10 lakh crore has been wiped out from its cumulative market cap.
