Some of Adani Group’s shares lost a combined $10 billion in market value this week, weighed down by MSCI Inc’s move to exclude the two entities from its India index and concerns over possible dilution of fundraising plans.

Adani Total Gas Ltd and Adani Transmission Ltd — two stocks that will be removed from the MSCI India index at the end of this month are headed for their worst weeks since late February. Brian Freitas, an independent equity analyst who writes on Smartkarma, had earlier predicted that the exclusions could trigger a sell-off of about $390 million in passive funds.

Adani Enterprises Ltd, the flagship incubator of many of the group’s investments, is also on track for a weekly loss of almost 4%, its biggest loss since March. Last week, the company and the transmission unit announced plans to raise $2.6 billion through a qualified institutional placement or otherwise, sparking dilution concerns.

Adani shares have been trying to regain their footing after Hindenburg Research filed fraud allegations in late January, sparking a plunge that at one point wiped more than $150 billion off the group’s market value. The stock rallied after GQG Partners bought stakes in four of the group’s entities in early March, a vote of confidence. The current market value loss is about $128 billion.

Adani has denied Hindenburg’s allegations while taking steps to ease investor concerns about debt and corporate governance following the report.