MC A10 Index, a sentimeter of Adani group stocks, continued its losing run for the third session on March 13, falling 0.54 percent to 39.33 but narrowed the losses significantly even as the equity benchmarks ended almost 1.5 percent lower on weak global cues.
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.
Overall, Adani group stocks ended mixed. NDTV, ACC, Adani Ports, Ambuja Cement and Adani Wilmar were the biggest losers, down up to 5 percent, dragging the index lower. The flagship Adani Enterprises, too, ended 2 percent lower.
Adani Green Energy, Adani Power, Adani Total Gas and Adani Transmission, however, ended the day locked in upper circuit limits again, lending support to the index.
Despite the index ending lower, the cumulative market cap of the Adani group stocks reached Rs 9.37 lakh crore.
Market regulator Securities and Exchange Board of India (SEBI) is investigating "market allegations" against the group, Parliament was told on March 13.
Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha that the volatility in the Adani stocks hasn't had any significant impact at the systemic level.
Chaudhary said as per the Reserve Bank of India, banks are free to take credit decisions based on the internal assessment of the commercial viability of the loan within their board-approved policies and within RBI's prudential guidelines.
"The volatility in the stocks of these companies has not had any significant impact at the systemic level. Nifty 50 declined by around 2.9 percent in the month of January 2023 and by around 4.9 percent in the 2-month period of January and February 2023," the minister said.
The Adani group stocks were pounded after American short-seller Hindenburg Research in a report on January 24 accused the company of stock manipulation and regulatory violation while flagging high debt. The company has denied the charge.
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