Shares in India’s Adani Group fell on Thursday after it abandoned a $2.5 billion share offering for its flagship company, widening the group’s market losses to more than $100 billion and raising concerns about potential systemic impact.

The withdrawal of Adani Enterprises’ share sales is a dramatic blow to Gautam Adani, whose fortunes rose sharply in recent years but plummeted over the past week after the US-based short-seller published a critical research report.

The events are an awkward turning point for Adani, who has partnered with foreign giants such as France’s TotalEnergies and investors such as Abu Dhabi International Holdings, as he seeks investments in everything from ports and mining to cement and power. Global business expansion.

Adani called off the share sale late on Wednesday as a stock slump fuelled by criticism from short-seller Hindenburg, although the offer was fully subscribed on Tuesday.

Adani Enterprises plunged nearly 20% on Thursday, trading at its lowest level since March 2022. Other group companies were also under pressure – Adani Ports and Special Economic Zone fell 5%, while Adani Total Gas, Adani Green Energy and Adani Transmission fell 10% each.

Since Hindenburg’s report was published on Jan. 24, the group’s total market value has lost nearly half its value. Adani Enterprises, described as the incubator of Adani Ventures, lost $24 billion in market cap alone.

Adani, 60, is also no longer Asia’s richest man, slipping to 16th in the world’s richest list from third last week, according to Forbes.

Adani’s share price slump has raised concerns about possible broader repercussions for India’s financial system.

India’s central bank has asked local banks to provide details of their exposure to Adani group companies on Thursday, government and banking sources told Reuters. CLSA estimates that Indian banks face about 40% of Adani Group’s Rs 2 trillion ($24.53 billion) debt from the fiscal year to March 2022.

Citigroup’s wealth arm has stopped offering margin loans backed by Adani Group securities to its clients and decided to reduce the credit loan-to-value ratio backed by Adani securities to zero on Thursday, according to media reports.

In New Delhi, opposition lawmakers sent notices to India’s parliament calling for a discussion of the US short-sellers report. The Congress party has called for a joint parliamentary committee or the Supreme Court to oversee an inquiry into the matter.