Plummeting Adani shares send ripples through India's parliament, finance sector

In a statement, TotalEnergies said it had limited exposure from stakes in Adani companies and had not re-evaluated the stakes.

"One of the big risk factors to watch for now is if more indices remove Adani stocks," said Chanana. "This can result in foreign outflows as funds sell Adani stocks, further aggravating confidence issues.". Adani's wipeout could spread if it triggers a bigger mood shift.In its report, Hindenburg said key listed Adani companies had "substantial debt" while shares in seven listed firms had a downside of 85% due to what it called sky-high valuations.

The share meltdown is a dramatic turn of fortune for Adani, 60, who in recent years forged partnerships with, and attracted investment from, foreign giants as he pursued global expansion in industries from ports to power.

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