Adani Group shares have lost more than $132 billion in market value since the bombshell Hindenburg Research report, but none have been hit as hard as Adani Total Gas Ltd.

Its shares have lost more than three-quarters of their value since the short-selling report was published on Jan. 24. This is the group’s most highly valued stock, and its liquidity is relatively low. Hindenburg calculated that the group’s seven stocks were, on average, 85% overvalued.

Adani Total Gas fell by the limit in early trading on Monday. According to data compiled by Bloomberg, it has done so every day since Jan. 27. Indian bourses adjusted the daily price limit on the stock to 5% from 20% as the sell-off intensified.

While the shock to stocks from Hindenburg’s allegations of stock manipulation and accounting fraud has begun to wane, concerns remain over Adani’s access to overseas funding.

Billionaire Gautam Adani and his company have taken steps, from repaying loans to pledging to reduce leverage, but debt and cash flow levels continue to worry investors.

In a setback for the gas sector, French energy major TotalEnergies SE shelved a multibillion-dollar plan to produce green hydrogen with Adani Group after the Hindenburg report. Another concern is Adani Total Gas’ debt levels.

According to an exchange filing, the company faces total debt maturities in the fourth quarter of fiscal 2023 and fiscal 2024 that exceed its cash balance. However, it also has cash flow from assets of Rs 9.32 billion.

The stock’s float, or the amount that can be traded on the open market, is about 19%, according to data compiled by Bloomberg. That was the lowest in the group after Adani Wilmar Ltd MSCI Inc reduced what it considered a freely traded stake in the company in its latest quarterly index review but has since delayed implementation.