The Indian equity market remained subdued on Thursday, October 8, as the Reserve Bank of India raised the repo rate by 25 basis points to 5.5 %, its first hike in nearly four years. The central bank’s cautious stance added to concerns over the interest‑rate outlook. Elevated crude oil prices also weighed on sentiment, with Brent crude trading around $104 a barrel, heightening inflation fears and potential impacts on corporate costs and the broader economy.

Adani Group shares faced selling pressure during the session, with Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ) and Adani Green Energy among the most affected. The broader risk‑off environment amplified declines across several counters, as the group’s stocks are typically more sensitive to market sentiment shifts. This pattern mirrors the broader market trend where high‑beta names have been dragged down by global risk‑off sentiment, further eroding investor confidence in the sector today.

Foreign portfolio investors sold equities worth ₹6,121.37 crore in the Indian market on Wednesday, October 7, according to NSE data. Continued selling by foreign institutional investors has also weighed on market sentiment, adding to the pressure on high‑beta Adani stocks that were trading below key moving averages. The RBI’s 25‑basis‑point repo rate hike to 5.5 % and the rise in Brent crude to around $104 a barrel compounded the sell‑off, further eroding investor confidence for investors today.

At 2:39 PM, Adani Green Energy shares were down 6.71 % to ₹1,251.40 apiece on the NSE, while Adani Energy Solutions was trading 5.09 % lower at ₹1,251.70. Adani Enterprises quoted 6.20 % lower at ₹2,572.90, and Adani Ports and Special Economic Zone (APSEZ) traded 3.50 % lower at ₹1,688.80. Adani Power fell 4.41 % to ₹188.25, and Adani Total Gas dropped 2.75 % to ₹565.90. Other Adani names such as Adani Power and Adani Total Gas also fell, while ACC, Ambuja Cements, and AWL Agri Business traded in the red.

GQG Partners, which had invested in Adani Group companies during the first Hindenburg saga in 2023, has emerged as a net seller of Indian equities over the past year. The fund house sold shares worth over ₹12,000 crore across Adani Group companies in the June quarter, and has offloaded Indian equities worth nearly ₹28,000 crore in the last 12 months, according to available data. This net selling aligns with the fund’s broader divestment strategy, reflecting a cautious stance amid market volatility today.