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Adani Group

Adani Group's market loss tops $110 billion after wild trading

Conglomerate's crisis deepens as flagship company dropped from key index

The Adani Group's market value has plummeted since Jan. 25, when Hindenburg Research made a host of accusations against the conglomerate.   © Reuters

BENGALURU -- Adani Group shares gyrated wildly on Friday, bringing the conglomerate's market losses to more than $110 billion since scathing short-seller allegations were made last week.

Group flagship Adani Enterprises fell as much as 35% during the day as S&P Dow Jones Indices said it would remove the company from its sustainability indexes on Feb. 7, a change that could potentially deter sustainability funds from investing despite the group's commitment to pump billions of dollars into green hydrogen production.

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