MC A10 index falls 4% dragged by Adani's energy portfolio, Adani Enterprises

Representative image.

MC A10 index – a sentimeter of Adani Group stocks – continued its losing streak on February 21 as bears continued to mount pressure on the stocks.

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.

The index fell about 3.51 percent to 34.12 and was pulled down by heavyweights Adani Enterprises, Adani Green Energy, Adani Total Gas and Adani Transmission. They fell 3-5 percent each.

Meanwhile, gains in Adani Power provided some support to the index.

Thanks to the market routing, the combined market value of Adani group shares plunged below $100 billion. The ports-to-power conglomerate has lost more than $135 billion in market capitalisation since January 24 when a Hindenburg Research report accused it of accounting fraud and stock manipulation that Adani Group denied repeatedly.

The $135-billion loss marks a significant drop from the conglomerate's peak market capitalisation in September 2022, taking the total erosion beyond $200 billion.

Meanwhile, Adani Ports and Special Economic Zone Limited is planning to prepay $120.8 million or Rs 1,000 crore on commercial papers maturing in March 2023, news agency Reuters reported on February 21, citing a statement it received from a spokesperson of the company.