MC A10 Index – a sentimeter of Adani group stocks – closed 5.8 percent lower on March 28 at 36.93. All the stocks ended in the red, with many of the hitting the lower circuit.
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.
Shares of Adani Green Energy, Adani Power, Adani Transmission, and Adani Wilmar all hit the 5 percent lower circuit in trade. Adani Enterprises and Adani Ports, the two Nifty50 stocks, ended over 7 percent and 5 percent lower from the previous close, respectively.
The losses resulted in a fall of the cumulative market cap of the Adani group stocks to Rs 8.89 lakh crore from Rs 9.39 lakh crore on March 27, indicating a wipeout of Rs 50,170 crore in a single day.
Towards the end of the trading day, National Stock Exchange sought clarification from Adani Enterprises Limited with respect to a recent news item captioned The Adani Group wants you to believe it has repaid all its loans against promoters.
Meanwhile, Economic Times reported that the group is negotiating with lenders to extend the tenor of its $3 billion bridge loan from the existing 18 months to a period of five years or beyond.
These developments spoiled investors' mood as the group extended losses for second day in a row.
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