Adani Group companies began yet another week in the red after the conglomerate’s financing arrangements threw up a fresh set of worrying signals for investors.

What Happened? A Bloomberg report on Sunday revealed that European Union-based funds that promote environmental, social, and governance (ESG) markets were beginning to pull out investments off Adani Group companies.

The report reveals that ESG-based funds were beginning to withdraw investments after a public filing from Adani Enterprises on Feb. 10 showed that the conglomerate was using stock from its renewable energy company, Adani Green Energy, as collateral in a credit facility that finances the Carmichael coal mine in Australia.

Reacting to the filing, Norway's largest pension fund, KLP, has dumped its entire holding of Adani Green Energy shares from concerns that it might have unknowingly helped finance the Carmichael coal project via the stake. Given that the fund has coal blacklisted from its portfolio, financially the Carmichael project even indirectly would represent a "breach of our commitments," per KLP's head of responsible investing, Kiran Aziz.

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As many as 500 funds registered in the EU that promote ESG targets are currently directly or indirectly invested in Adani Group companies, per Bloomberg data.

That said, in some positive news for investors, Bank of Baroda, which is among India's biggest state-backed lenders has said that it is willing to consider extending loans to the beleaguered Adani Group, as long as the conglomerate meets the lender's underwriting standards.

Bank of Baroda’s CEO, Sanjiv Chadha, told Bloomberg that he is not concerned about the market volatility around Adani stocks, offering some relief after some banks refused to refinance a $500 million (₹4133 crore) bridge loan due March.

Price Action: Here’s how Adani Group companies fared early on Monday, shortly after markets opened for trading.

Adani Enterprises shares traded 5.06% lower at ₹1,634.60.

Adani Green Energy was down 4.12% to trade at ₹603.00.

Adani Ports & SEZ was down 1.03% to trade at ₹572.85.

Adani Power shares jumped 4.54% to hit ₹162.30.

Adani Total Gas shares traded 5% lower at ₹925.10.

Adani Wilmar was up 0.35% to trade at ₹439.50.

Adani Transmission shares were down 5% to ₹873.90.

Ambuja Cement shares traded 0.81% lower at ₹350.45. ACC shares traded 0.86% lower at ₹1,824.05.

NDTV was down 1.31% at ₹214.55.

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