Shares of the Adani group of companies traded softly, with the BSE down 5% in intraday trade on Monday in an otherwise firm market.

Adani Total Gas, Adani Transmission, Adani Enterprises, Adani Power, Adani Green Energy, Adani Wilmar and Adani Ports and Special Economic Zone decreased from 2% to 5%. ACC, Ambuja Cements and New Delhi Television (NDTV) fell 1% each in the BSE index. In contrast, the S&P BSE Sensex was up 0.38% at 62,266 at 10:23 am.

Over the weekend, two companies in the Adani group announced plans to raise up to Rs 21,000 crore from the market. Adani Enterprises, the flagship company of Adani Group, said its board had approved a plan to raise up to Rs 12,500 crore through a qualified institutional placement (QIP). In contrast, Adani Transmission said its board had approved a plan to raise up to Rs 8,500 crore from the stock market.

However, the renewable energy company has rescheduled a board meeting scheduled for May 13 to May 24, citing “certain urgent circumstances”. A board of directors meeting is planned to consider and approve the fundraising proposal.

Meanwhile, Adani Transmission, Adani Total Gas and Adani Green will exit the ASM (Additional Supervisory Measures) framework on Monday.

Over the past two sessions, Adani Transmission and Adani Total Gas shares fell 7% and 9%, respectively, after global index provider MSCI removed them from its India index. The move will see exchange-traded funds (ETFs) sell shares worth Rs 3,200 crore ($390 million) across the two desks. The change will take effect on May 31.

The two stocks were removed from the MSCI India Index because the index provider lowered their free-float market capitalisation. In February, MSCI announced that it would redesignate the free float of four Adani Group shares based on feedback from market participants following the allegations made by US-based Hindenburg Research on January 24.