Adani Group is facing an overall mcap erosion of about $200 billion from its peak of $290 billion last September.

The market capitalization (mcap) of the Adani Group, led by billionaire Gautam Adani, fell below the $100 billion mark on Monday, having fallen since an explosive report by Hindenburg Research in late January to more than $135 billion.

The group’s overall mcap is down about $200 billion from its peak of $290 billion in September last year.

Most of the group’s shares continued to sell off today, with the group’s flagship Adani Enterprises posting the worst performance, down 9.4%.

Adani Total Gas has been the hardest hit, losing more than three-quarters of its value since the US short-selling report on Jan. 24.

Adani’s Total is down to the limit today. According to Bloomberg, this has been happening every day since January 27th. As the selling trend intensified, the stock exchange changed the daily limit on stocks from 20% to 5%.

Adani Group 9 out of 10 shares lost today in Mumbai. Shares in Adani Green Energy Ltd and Adani Transmission Ltd also fell by 5 percent.

Adani Group shares took a hit after Hindenburg’s hit report launched a series of allegations against the business empire, including fraudulent transactions, corporate governance failures, and share price manipulation.

The report comes as a follow-on share sale of Rs 20,000 crore in group flagship Adani Enterprises begins.

The Adani Group denied the allegations and said it was complying with all legal and disclosure requirements.

Now the ports-electricity conglomerate headed by Adani, once Asia’s richest man, hopes to turn the tide and appease nervous investors and lenders.

Adani and his aides have been in repair mode since the report was released. Along with a campaign to portray itself as a responsible borrower by prepaying and paying debts on time, leaders have held a series of meetings to reassure foreign bondholders who have been killed by the tycoon in recent years.

The Adani Group insists that its debt of Rs 1.96 lakh crore as of September last year is balanced by the assets it owns and the revenue generated from all its activities.