Shares of Adani Group companies tumbled on Tuesday after reports the group was seeking to renegotiate the terms of an outstanding $4 billion loan it used to buy cement companies ACC and Ambuja Cements last year.

The group’s flagship Adani Enterprises, fell nearly 8% to a near four-week low, while Adani Ports fell 9.2%.

ACC fell 4.8% to its lowest since February 2021, while Ambuja Cements lost 4.2%.

The Economic Times said on Tuesday that the group led by billionaire Gautam Adani had started talks with lenders to extend its $3 billion bridge loan term from the existing 18 months to five years or more.

The group is also reportedly seeking to convert another $1 billion mezzanine loan with a 24-month maturity into senior secured debt with repayment terms of up to five years.

The newspaper quoted a banker saying the initial plan was to refinance most loans through long-term bonds, but that looked difficult given current market conditions.

The group bought the two cement companies from Holcim AG for $10.5 billion last May.

They do not have high cash flow if they seek more time to pay down debt. Whether Adani Ports, Adani Enterprises, or even Adani Total announces, expansion plans for the next two years will be delayed.

The report follows allegations made by short-seller Hindenburg in January against the conglomerate, which wiped out more than $120 billion of the market value of seven Adani Group-listed companies.

Adani Group shares have fallen between 22% and 80% since the Hindenburg report was released.