The combined market value of the shares of Adani Group’s 10 companies fell below $100 billion on Tuesday as the embattled conglomerate struggled to reassure investors following a scathing report by a US short-seller.

The port power group has lost more than $136 billion in market value since a January 24 report by US-based Hindenburg Research alleging accounting fraud and stock manipulation, allegations Adani has repeatedly denied.

Billionaire Gautam Adani and his firm have hired legal and communications teams, cut expenses and paid down debt to reassure traders concerned about the group’s access to finance. While the activity revived the group’s dollar bonds from distress, the ongoing sell-off in equities suggests more is needed.

According to data compiled by Bloomberg, the group has lent more than $8 billion to international bond buyers in recent years while also turning to global banks for at least as much foreign currency loans. The rating agency also revised the outlook for some companies, including Adani Green Energy Ltd and Adani Ports & Special Economic Zone Ltd.

Adani and his company are now prioritising financial health over the aggressive debt-fuelled expansion spree of recent years. The group’s focus has shifted to preserving cash, paying down debt and recovering pledged stock from repairing the damage caused by the Hindenburg report.