A Total of $13.4 billion loss to Adani group shares after Hindenburg report against Regulator, click here to read the full article:

 Adani Group companies experienced a significant market value loss of $13.4 billion on Monday, but later recouped most of these losses following accusations by Hindenburg Research against the chairperson of India's market regulator, alleging connections with offshore funds also utilized by Adani.

The conflict between Hindenburg Research and Adani Group commenced 18 months prior when the American short seller accused Adani of misusing tax havens, which the conglomerate refuted.

The total losses for that day were approximately $2 billion after an initial drop.

The stocks had depreciated by $150 billion in value subsequent to Hindenburg's initial report in January 2023, but have since regained a substantial portion of the losses.

Adani Enterprises and Adani Ports were among the most affected on the blue-chip Nifty 50 index, which rebounded from its initial losses to close up by 0.3%.

"The allegations have resurfaced. Numerous investigations have been conducted over the past year and a half. This is a transient, reflex reaction. Normalcy will resume," stated Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

Hindenburg, referencing whistleblower documents on Saturday, claimed that Madhabi Puri Buch, Chair of the Securities and Exchange Board of India (SEBI), is conflicted in the Adani case due to prior investments.

Buch has served as SEBI chief since 2022.

"We believe SEBI cannot be regarded as an impartial judge in the Adani case," asserted Hindenburg on Saturday.

Buch dismissed the report's claims as unfounded, and SEBI, in a separate statement, affirmed that the allegations by Hindenburg Research against Adani Group have been thoroughly investigated.

Buch described Hindenburg's accusations as "character assassination" following the regulator's enforcement action and "show cause" notice to the short seller for breaching Indian regulations. A "show cause" notice indicates an intent to impose disciplinary action if satisfactory justifications are not presented.

Adani has denied the allegations.