Shares of seven Adani Group companies continued to experience sell-off in a volatile market on Tuesday.
The Nifty 50 index's major laggard was Adani Enterprises Ltd, which lost 8.34%, followed by Adani Ports & Special Economic Zone Ltd, which lost 4.08% on Tuesday.
Shares of Adani Wilmar Ltd and Adani Green Energy Ltd lost over 2%, whereas Adani Total Gas Ltd, Adani Transmission Ltd, Adani Power Ltd slumped 5% each.
Analysts believe that this group is already under pressure and now along with the broader market weakness, the stocks are seeing further sell-off.
Following the announcement that the group has completely prepaid share backed financing totaling $2,15 billion, ahead of the timeline of March 31, the four Adani group companies—Adani Power, Adani Green Energy, Adani Total Gas, and Adani Transmission—hit the 5% upper circuit level on Monday.
Further, the promoters have also paid off the $500 million loan they used to finance the purchase of Ambuja Cements Ltd.
The company announced earlier this month that the founders had repaid borrowings secured by shares totaling $902 million, following a prepayment of a comparable amount of $1.1 billion in February.
The company stated on Sunday that the prepayments highlighted the "solid capital prudence adopted at all portfolio companies" and showed "the strong liquidity management and access to capital."
The prepayments were made a few weeks after a scathing report from Hindenburg Research that accused the company of financial fraud and stock manipulation.
Last week, seven Adani Group companies gained ₹78,395 crore in market cap, with Adani Green Energy Ltd (gained market cap worth ₹18,868 crores) taking the lead followed by Adani Total Gas Ltd (gained market cap worth ₹18,345 crores).