Shares of Adani Total Gas fell 5% for the fifth day in a row and were quoted at Rs 633.35 on the BSE on Friday with no buyers on the counter. The stock has fallen 26% over the past six sessions. It was quoted at the lowest level since March 2021. also. The stock has fallen 84% from its 52-week high of Rs 3,998.35 touched on January 23, 2023.

A total of 2.42 lakh shares changed hands, with about 8 lakh pending sell orders on the NSE and BSE, exchange data showed. In contrast, the S&P BSE Sensex was down 0.17% at 61,328 at 10:13 am.

Last week, global index provider MSCI removed Adani Total Gas and Adani Transmission from its India index. The move could see exchange-traded funds (ETFs) selling shares worth Rs 3,200 crore ($390 million) across the two desks. The change will take effect on May 31.

Shares of Adani Transmission were also down 5% at Rs 713.80 on the BSE in intraday trade on Friday. Shares of the electric transmission company have fallen 22% over the past six sessions.

In January, US-based short-seller Hindenburg Group published a report alleging certain problems with Adani’s particular promotional entity, one of the promoters of ATGL, which Adani Group has formally denied.

To adhere to the principles of good governance, the transactions referred to in the short seller’s report, including those of the company, were reviewed by Adani Group through an independent assessment by a law firm. Adani Total Gas said in its fourth quarter results statement that the report confirmed the company’s compliance with applicable laws and regulations.

Also, in the context of the short seller’s report, a petition was filed in the Supreme Court and SEBI is reviewing compliance with laws and regulations by conducting investigations into group listed companies. It added that no adjustments were made to the financial statements given that the matter is pending.

Total Holdings SAS acquired 411.33 million shares in Adani Gas, representing 37.40% of its total paid-up share capital, from certain existing members of the company’s promoter group on February 18, 2020. Subsequently, Adani Gas became a joint venture between Adani Group and TOTAL Group, with each holding 37.40% and public shareholders holding 25.20%. The company changed its name to Adani Total Gas to reflect French energy giant Total’s stake in the company.

Adani Total Gas is India’s leading private sector company developing a City Gas Distribution (CGD) network supplying Pipeline Natural Gas (PNG) to Industrial, Commercial, and Domestic (Residential) customers and Compressed Natural Gas (CNG) to the transport sector.

In addition, ATGL has established 2 wholly-owned subsidiaries, Adani TotalEnergies E-Mobility and Adani TotalEnergies Biomass, for its electric vehicle and biomass businesses respectively.