A recent report by US-based short-seller Hindenburg Research has disclosed that mutual funds have invested nearly $5 billion (Rs 41,814 crore) across 10 Adani Group companies. The report indicates that except for New Delhi Television (NDTV), mutual funds have invested in every listed Adani Group company.

The investment breakdown shows that Adani Ports and SEZ has the highest mutual fund exposure at $1.5 billion (Rs 13,024 crore), followed by Ambuja Cements with $1.07 billion (Rs 8,999.25 crore).

Following the release of Hindenburg’s findings on August 10, the Indian stock market experienced a downturn. Adani stocks, including Adani Ports and SEZ and Adani Enterprises, saw significant declines.

The Hindenburg report also alleges a conflict of interest involving SEBI Chief Madhabi Puri Buch. The report claims that Buch had financial ties with funds associated with Vinod Adani, brother of Gautam Adani, chairman of the Adani Group. It suggests that Buch had a significant interest in an offshore consulting firm, Agora Partners, which she transferred to her husband shortly after assuming her role at SEBI. Furthermore, the report criticizes her involvement in promoting Real Estate Investment Trusts (REITs), which benefitted Blackstone, where her husband is a senior adviser.

This report follows last year’s allegations by Hindenburg regarding tax havens and stock manipulation by the Adani Group, which led to a $150 billion sell-off in the conglomerate’s shares despite their denials of any misconduct.