Trying to prove who had invested in foreign portfolio investors who then pumped money into Adani could be an arduous task, a court-appointed panel said

"(An) analysis would have to be conducted on the documents received from various sources before conclusive findings can be arrived at," the regulator said

The probe comes after a report by US short-seller Hindenburg alleged entities linked to Gautam Adani's brother Vinod had moved "billions of dollars" into the conglomerate

The group's flagship firm, Adani Enterprises, slid nearly 7% to a near four-week low, while Adani Ports tumbled more than 5%

Lenders will release 31 million pledged shares of Adani Enterprises, and 155 million shares of Adani Ports, the group said in a statement on Tuesday.

The development comes as the embattled conglomerate seeks to ease investor concerns about its credit profile; Adani Enterprise shares have surged 30% over the past two days

The conglomerate’s market value has dropped below the $100 billion mark in the ongoing sell-off triggered by the Hindenburg report

Regulators are said to be probing the sharp sell-off in Adani Group companies, while also looking into trade patterns and any potential irregularities in its now-shelved share sale

"Stop looting the poor," some politicians shouted in Indian parliament, demanding an investigation into the Gautam Adani-led conglomerate

Adani’s firm reportedly held extensive discussions with investment bankers and institutional investors over the weekend to attract subscriptions to the FPO

Friday's stock market rout dragged shares of group flagship Adani Enterprises 11% below the minimum offer price of the record share sale

The Securities and Exchange Board of India will study the report by Hindenburg Research and add it to ongoing inquiries into the group’s foreign portfolio investors and use of tax havens