Billions of dollars were wiped off the value of Adani Group shares following allegations of misconduct by a regulator.

• On Saturday, Hindenburg Research, a U.S. short seller, released a report accusing Madhabi Puri Buch, the head of India's Securities and Exchange Board, of previously investing in offshore funds used by the Adani Group.
• Buch said in a statement that the report's claims were baseless.
• On Sunday, Adani dismissed the recent accusations from Hindenburg, characterizing the report as a "distraction."

On Monday, the stock price of Adani Group decreased due to a report from a U.S. short seller, Hindenburg, accusing the head of India's stock market oversight board of having a conflict of interest that hindered a thorough investigation into fraud claims.

Adani Enterprises, the flagship firm of the Indian group, experienced a 5% decline in early morning trading before recovering some of its losses.

The early plunge in share prices of Adani Total Gas, Adani Power, Adani Wilmar, and Adani Energy Solutions resulted in a total loss of $9 billion for Adani Group companies, according to Reuters.

On Saturday, Hindenburg released a report accusing Madhabi Puri Buch, the head of the Securities and Exchange Board of India (SEBI), and her husband, Dhaval Buch, of previously investing in offshore funds used by the Adani Group.

According to Hindenburg, SEBI cannot be relied upon as an impartial mediator in the Adani issue.

Both Madhabi Puri Buch and Dhaval Buch rejected any wrongdoing and asserted that the report's allegations were unfounded.

Adani on Sunday dismissed the latest allegations from Hindenburg, characterizing the report as a "red herring." The company maintained that its overseas holding structure is completely transparent.

Gautam Adani, a billionaire, leads a multinational conglomerate that operates in various sectors, including commodities trading, airports, utilities, and renewable energy.

The Adani Group faced a stock rout worth over $100 billion following the release of Hindenburg's report, which accused the company of stock manipulation and corporate fraud 18 months earlier.

Adani has denied all the allegations and shares have partially recovered.