That said, the counter has declined 39.45 per cent on a year-to-date (YTD) basis. Adani Group shares saw a massive market value erosion since January 24 this year, when US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. The report led to over $140 billion in value erosion in the listed Adani companies earlier this year. Adani, however, denied all the claims.