Shares of Adani Group companies were under pressure on Monday, with the group’s market capitalisation slipping to below Rs 7 trillion.

The group’s mcap eroded by another Rs 34,000 crore on Monday, taking the total mcap erosion to 64% or about Rs 12.37 trillion since the release of the Hindenburg Research report.

Flagship Adani Enterprises’ mcap stood at Rs 1.36 trillion as of Monday, 65% below the value of Rs 3.92 trillion on January 24. Shares of the company slid 9.7% on the bourses on Monday to Rs 1,187 apiece.

Adani Total Gas, Adani Green Energy and Adani Transmission have shed more than three-fourths of their value since January 24. All these stocks have been consistently hitting the lower circuit since the release of the report and exchanges have tweaked the daily limit for the stocks to 5% from 20% as the selloff worsened.

Adani Wilmar, Ambuja Cements and NDTV have lost over a third of their value in this period, while Adani Power’s mcap is down by half.

Nine of the 10 Adani group shares ended in the red on the bourse on Monday. Adani Total Gas, Adani Transmission, NDTV, Adani Wilmar, Adani Energy and Adani Green Energy were down 5% on Monday. ACC shed 2%. Adani Ports & Sez was the only stock to end in the green, up 0.6%.

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The continued selling came as the conglomerate began a series of investor meetings at a hotel in Singapore Monday, with help from about a dozen global banks. The company backed by billionaire Gautam Adani will then meet investors at the Barclays Plc office in Hong Kong on Tuesday and Wednesday. Group chief financial officer Jugeshinder Singh and corporate finance head Anupam Misra will attend the meetings, reports Bloomberg.

The JPMorgan Global Emerging Markets Research Enhanced Index Equity ESG UCITS ETF offloaded more than 70,000 shares in cement manufacturer ACC, exiting a stake it held since May 2021, according to a Bloomberg report. JPMorgan AC Asia Pacific ex Japan Research Enhanced Index Equity ESG UCITS ETF sold roughly 1,350 shares it had held in the company since July last year.

The Adani Group had begun discussions with global credit funds to raise up to $400 million in debt against assets of a key coal port that makes up a large portion of the conglomerate’s Australian exports of the solid fossil fuel from the controversial Carmichael mine, according to reports.

Proxy advisory firm SES said that Adani Group needs to provide a third-party audit of accounts to allay fears of shareholders even as the concern over group debt may be overstated; as its businesses are independently resilient.

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“In addition to the response to Hindenburg, who is not a stakeholder, Adani must care for its stakeholders (investors and lenders) and address all areas of concern. An independent third-party confirmation of its accounts would go a long way in establishing and restoring credibility,” said the report.

The $3-billion debt taken for the acquisition of Ambuja Cements in 2018 and maturing in March 2024 will be a key obligation for the group, according to a report by Bernstein, a research firm. The Ambuja warrants require a fund infusion of Rs 15,000 crore by April 2024.