All it took was one short-seller report and three buying and selling classes for the Adani Group to turn into a deadweight as an alternative of a serious driver for India’s increasing inventory market.

Eight corporations linked to Asia’s richest man have contributed to almost 49% of the declines within the MSCI India Index since Wednesday, when Hindenburg Research printed a blistering report on the conglomerate’s alleged malpractices. That’s an abrupt reversal from final 12 months, when Adani-linked shares helped tempo a world-beating rally within the nation’s shares.