On Thursday, Adani Group via an exchange filing urged the stock exchanges to “take appropriate actions against such agencies whose actions are prejudicial to the interests of the investors at large,” it said.

​​ Adani group executives have met bankers, bond holders, analysts and investors from Singapore to the US in the last three weeks to address stakeholders' concerns in the aftermath of a damning US short seller report that ripped off USD 135 billion in market value of listed companies of the conglomerate.

The meetings were part of a global roadshow that reached US cities including New York, Boston, Los Angeles and San Francisco, as Adani seeks to reassure international investors that the ports-to-power empires finances are under control. As much as $153 billion in combined market value was erased from company stocks following a January short sellers report.

Adani Group's market capitalisation surged by ₹20,205 crore on Wednesday to ₹9.09 lakh crore after falling by ₹49,400 crore the previous day. In the past week, these stocks have weakened again, possibly due to negative news flow. The group's clarification late last night to stock exchange was in response to a report by The Ken earlier in the day which raised questions on whether the conglomerate's promoters had repaid its loans against the shares they had pledged.

“There has been incremental prepayment of $134 million completed after the press release of 6 Feb 2023 ($1,114 million) and 7 Mar 2023 ($902 million), resulting in the updated debt figure of $2.15 billion for the press release of 12 Mar 2023,” the release has further clarified.

Adani Enterprises and Adani Ports, part of the flagship Nifty50 index, were the top gainers in the pack. Adani Enterprises traded at Rs 1,618, up 1.09% while Adani Ports rose 1.5% to Rs 602.25. On the other hand, Adani Green Energy, Adani Transmission and Adani Total Gas were locked in their respective 5% lower circuits.

As on March 27, 2023, the pledge positions of listed Adani Group companies in Adani Green stood at 3.5% as against 4.4% on December 31, 2022, according to the release. In Adani Ports, it was at 4.7% versus 17.3%, while in Adani Transmission, it was at 3.8% as against 6.6%. Such pledge positions in Adani Enterprises dropped to 0.6% from 2.7% in the December quarter.

Shares of the conglomerate's flagship entity Adani Enterprises declined 7% to close at ₹1,603, while Adani Port declined 5.2% to close at ₹596.4. ACC, Ambuja Cements, and NDTV fell 4% each. Adani Power, Adani Transmission, Adani Green, Adani Wilmar, and Adani Total Gas dropped 5% - the lowest tradable limit for the day. The group lost nearly ₹49,400 crore in market capitalisation on Tuesday.

On March 12, the conglomerate stated that it had repaid $2.15 billion of loans that were taken by pledging promoter shares.

Nifty indices, including Nifty 50 ETF, Nifty Bank, and Nifty Next50, are due to undergo their semi-annual rebalance on March 29. According to Nuvama Institutional Research, RIL, Infosys, ICICI Bank, and HDFC Bank are the stocks expected to see the biggest outflows. Meanwhile, Page Industries, Canara Bank, SBI, Axis Bank, and Coal India are predicted to see maximum net inflows. The changes could lead to some weight reduction in non-F&O members such as Adani Total Gas, Adani Transmission, Adani Green, DMart, Bajaj Holdings and Investments, Nykaa, LIC, P&G, and Zomato.

Adani Green Energy will be moved to the respective higher stage of the long-term additional surveillance measure framework by leading bourses NSE and BSE from March 28. Similar moves were carried out by both exchanges last week, whereby Adani Total Gas and Adani Transmission moved from the second stage of the long-term ASM framework to Stage-I. All 10 listed firms of the Adani group fell in the negative territory on Monday following revelations that many of the group firms hit their lower circuit limits. The Adani group stocks' situation has been made worse since short-seller Hindenburg Research published a report making various allegations against the group.

The 30-share BSE benchmark Sensex declined 40 points or 0.07% to settle at 57,613. The broader NSE Nifty dropped 34 points or 0.20% to end at 16,952.

The selloff in Adani stocks resumed after a report published by The Ken raised questions on whether the Ahmedabad-based conglomerate has actually repaid debt totaling $2.15 billion. "Despite the Adani Group's claim of “complete” repayment of $2.15 billion in share-backed debt, regulatory filings show that banks have not released a significant portion of the promoters' shares held as collateral, indicating that the debt has not been fully paid off," the report said.

The Adani group stocks have taken a beating after a report by US-based short-seller Hindenburg Research was published in January this year. The report had alleged fraudulent transactions and share-price manipulation against the group companies. The Group later came out with clarifications rejecting charges leveled against it as lies, saying it complies with all laws and disclosure requirements.

The losses resulted in fall of cumulative market cap of the Adani group stocks to Rs 9.39 lakh crore from Rs 9.70 lakh crore on March 24

Shares of Lupin ended 3.3% higher after the company received tentative approval from USFDA for Valbenazine Capsules. Investors lost Rs 1.12 lakh crore on Monday

Stocks shook off a weak start and ended higher on Wall Street even as worries about banks on both sides of the Atlantic continue to weigh on markets. The S&P 500 rose 0.6% Friday, marking its second straight weekly gain. The Dow Jones Industrial Average and the Nasdaq composite also rose. Treasury yields stabilized after an early drop.

Barring Adani Ports and Adani Enterprises, the two Nifty50 stocks, all other Adani stocks closed higher from the previous day

The Adani group said in an exchange filing that it expects funding for its greenfield coal-to-polyvinyl chloride project to be tied up in the next six months

The group is currently engaged in exploratory talks with potential overseas investors, such as global insurance firms, to privately place longer-tenor bonds of up to 30-year maturities, said the people cited above. The bonds will carry fixed coupon rates.

Meanwhile, shares of seven Adani Group companies out of the ten listed entities settled higher on Friday, with Adani Enterprises jumping 2 per cent amid a positive momentum in equity markets.

The stock fell as much as 31%, hitting record lows, and prices on its benchmark bonds sank to levels that indicate the Swiss lender is in deep financial stress something rarely, if ever seen at a major global bank since the throes of the 2008 crisis, the report further said.

Shares of Adani Power, which have more than halved from 52-week high levels, also saw buying of 16,731 shares by MFs. Similarly, fund managers also bought the dip in Adani Transmission which is down over 78% from peak.

From the Sensex pack, Infosys, L&T, ITC, Titan, and Tata Steel opened with gains, rising about 0.5%. UltraTech Cement, TCS, Reliance and Nestle also opened with gains. On the other hand, M&M, Maruti, Bajaj Finance, Kotak Bank and Asian Paints opened with cuts.

Adani stocks have been on a winning spree since last week as positive headlines dominated conversations around the Ahmedabad-based airport-to-apples conglomerate which has been under tremendous scrutiny since the release of a scathing report by Hindenburg Research.

One can initiate a buy in Asian Paints when the price crosses Rs 2,900 level as the stock is coming out of a weekly demand zone and has formed a nice base near the Donchian channel bottom as well.

Adani Green Energy was locked in 5 percent upper circuit for eighth consecutive session after taking support at around Rs 439 on February 28. The stock closed at Rs 682.7, rising 55 percent in last eight sessions in a row, and the volume on last Friday was above average volumes.

The market is likely to rebound by the end of the week. Geojit Financial Services chief market strategist Anad James said that five stocks from the Nifty50 index which together weigh a little over 20% in the index, have gone below their respective lows of the day when Nifty hit its recent low. James also said that inflation readings from both India as well as the US will assume high importance.

The weakness in domestic equities last week is likely to spillover into the week ahead as clouds of uncertainties persist. This week's major events to watch include the potential sale of stake in YES Bank by some of the lenders, and the release of inflation data from India and the US. Global macro environment is extremely crucial for Indian markets now. US inflation and the Fed's aggressive stance plus the Silicon Valley Bank crisis will be major triggers.

Seven listed Adani Group companies lost over $100 billion in market value combined after a Jan. 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels. Adani has rejected the concerns and denied any wrongdoing.

During instances of high volatility in stocks, exchanges move them to short-term or long-term additional surveillance framework to safeguard investors from speculative trades.

In the meantime, shares of Adani Total Gas, Adani Transmission, and Adani Green Energy were locked in 5% upper circuit limits. Those trading with a negative bias include NDTV, Adani Wilmar, and Ambuja Cements.

"The overall trend still remains in a bearish to sideways mode," said Rohan Patil, technical analyst at Samco Securities. "Support for Nifty is placed at around 17,400 -17,350 levels and resistance are capped at 17,800 levels."

With the latest pledge, the total shares in Adani Green Energy Ltd - the group's renewable energy company - that were encumbered with SBICap was 2 per cent. In the case of Adani Transmission, this came to 1.32 per cent

Out of 10 Adani stocks, 5 of them - Adani Green, Adani Wilmar, Adani Total Gas, Adani Transmission and Adani Power - were trading at a 5% higher circuit limit today.

Adani Green Energy and New Delhi Television will be moved to stage-II of long-term additional surveillance from stage-I with effect from Thursday, the NSE said in a circular

In Adani Green Energy, 1,56,65,500 shares or 0.99% more stake has been pledged. With this, a total 2% stake is pledged with SBI Trustee. In Adani Transmission, 85,26,000 shares or 0.76% stake has been pledged. With this, a total 1.32% stake is pledged with the trustee

​In the morning, 3 Adani stocks - Adani Green, Adani Total Gas and Adani Transmission - were locked in 5% upper circuit limits today. Adani Power was up 4%, while the group's flagship entity Adani Enterprises was trading 2% higher.

The short term trend of Nifty continues to be positive. Having placed at the crucial overhead resistance of 17800 levels, there is a possibility of further consolidation or minor downward correction in the short term, before showing further up move. Immediate support is placed at 17600 levels.