US markets have again hit Adani Group after coming under fire following fraud and stock manipulation allegations. The group’s flagship company, Adani Enterprises, will be removed from the Dow Jones Sustainability Indices on February 7.

The decision to delist Adani Enterprises was taken “following media and stakeholder analysis,” according to a report published by S&P Dow Jones Indices, which owns the iconic financial market indicator.

“Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices after allegations of stock manipulation, and accounting fraud sparked media and stakeholder analysis,” S&P Dow Jones Indices said.

S&P Dow Jones Indices bills itself as the most significant global resource for index-based fundamentals, data and research and is home to iconic financial markets indicators such as the S&P 500 and the Dow Jones Industrial Average. It is a division of S&P Global.

New York-based short-selling agency Hindenburg Research accused Adani Group on January 24 of using offshore shells for money laundering and fraud. Adani Group has denied the allegations, saying their FPO amounted to Rs 20,000 crore. The group’s chairman, Gautam Adani, released a video statement on February 2 saying he was cancelling the fully subscribed follow-on public offering and returning investors’ money.

However, the Hindenburg report sparked panic among investors, and Adani Group has lost $108 billion in market value since the news first came out.

To cushion the fallout from the Adani Group’s collapse, the National Stock Exchange (NSE) announced the inclusion of three stocks of the Adani Group – Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cement in the ASM (Additional Surveillance Measure) list.