MC A10 index ends 4% lower on sixth straight day of losses

Signage of Adani Group in Mumbai, India, on Wednesday, on Feb. 15, 2023. Photographer: Indranil Aditya/Bloomberg

The MC A10 index –a sentimeter of Adani Group stocks–plunged for a sixth straight day, as it slipped 4.12 percent to 29.54 on February 24, pulled down by energy stocks.

The MC A10 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 Green Energy, Adani Power, Adani Total Gas and Adani Transmission each ended down 5 percent. The flagship Adani Enterprises fell 5.11 percent, deepening the crisis.

Some buying in Adani Ports and Ambuja Cement provided support to the index.

It came amid reports that Sri Lanka's investment promotion body approved two renewable energy projects of the Adani group to be set up in the north and eastern regions of the island nation for an investment of $442 million.

"The Board of Investment of Sri Lanka has issued a letter of approval to India's Adani Green Energy Limited, for the two wind power plants to be set up in Mannar and Pooneryn at a total investment of USD 442 million," a release said on February 23.

The wind power plant in Mannar will operate at a capacity of 250 MW (megawatt), while the one in Pooneryn will operate at a capacity of 100 MW.

In an exclusive interview to Moneycontrol, Punjab National Bank MD & CEO Atul Goel said the lender was keeping a close watch on Adani Group developments. The bank's exposure to Adani companies was well within the policy framework, he said, adding that the bank was evaluating the conglomerate's position from time to time.