Weeks after a damning study by the US short-seller Hindenburg Research, The combined market capitalization (M-Cap) of Adani Group’s 10 entities, including Adani Ports, Adani Green Energy, and Power, fell below the USD 100 billion threshold.

After Hindenburg accused the company of widespread stock manipulation and fraud on January 24, the Adani Group's market capitalization has decreased by more over USD 135 billion overall. The Group has always refuted all accusations. Since then, the Group has had difficulty reassuring investors; stocks of publicly traded companies have fallen. On February 1, the Group cancelled its follow-on public offering for Rs. 20,000 crore and decided to refund the funds it had received from investors, citing tumultuous conditions.

similar uneasy sentiments was evident in the stock market on Tuesday: according to Bloomberg, four out of ten companies had decreased trading. Adani Total Gas, which has lost around 77% of its share value since January 24, saw the biggest decline, followed by Adani Green Energy and Transmission. Adani Power and Adani Enterprises both had declines of 54% and 38%, respectively.

Gautam Adani, a billionaire, has had his net worth drop to $49.10 billion as a result of a collapse in the value of his company's shares. After falling from second to twenty-fifth place on the list as of January 31, he was no longer one of the top ten richest persons in the world.

FTSE Russell, the company that provides indexes, announced on February 18 that it would move forward with "planned index review revisions for changes for the Adani Group (India) and its linked securities." This comes after similar weighting adjustments for four Adani stocks were disclosed by Morgan Stanley Capital International (MSCI) a few days prior. Later, MSCI put off the revisions for two of them.

Instead of rolling over short-term commercial paper debt, Adani Group has been concentrating on paying it off. Adani Ports and Special Economic Zone plans to prepay Rs. 10 billion in maturing commercial papers, a representative for the company told Reuters earlier this month. This followed payments of Rs. 15 billion and Rs. 5 billion to SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund, respectively.

For the purpose of ensuring that investors' interests are protected against share value meltdowns, such as the one that occurred with Adani Group, the Supreme Court announced that it will appoint an expert committee to study the current regulatory regime and frameworks in the securities market.

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