The combined market value of the embattled Adani Group shares plunged below $100 billion, with many of the group company shares trading lower in the morning trading hours on Tuesday.
The group company stocks were facing a rout following a scathing report by a US short-seller Hindenburg Research.
The ports-to-power conglomerate has lost more than $135 billion in market capitalisation since January 24 when the Hindenburg Research report accused it of accounting fraud and stock manipulation.
The Adani Group, however, has denied the charges.
The crisis has also dragged billionaire Gautam Adani’s net worth down to $49.10 billion, sending him from the 2nd to 25th rank on the global rich list, according to Bloomberg.
The group’s combined market capitalisation reached a peak of over $200 billion in September last year.
Four out of 10 group firms traded lower on Tuesday, with Adani Total Gas posting the most significant drop in value, losing approximately 77 percent since January 24.
Adani and his companies have been engaged in firefighting operations after the allegations were surfaced, reportedly hiring legal and communication teams, announcing cut expenses and debt repayments.
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