(Bloomberg) — The combined market value of Adani Group’s shares fell below $100 billion on Tuesday, a reflection that attempts to reassure investors following a scathing report by a US short seller are falling short.

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The ports-to-power conglomerate has lost more than $136 billion in market capitalization since Jan. 24 when US-based Hindenburg Research published a report alleging accounting fraud and stock manipulation —- allegations that Adani Group has denied repeatedly.

Billionaire Gautam Adani and his companies have hired legal and communication teams, cut expenses and repaid debt as they sought to calm traders spooked by concerns over the group’s access to financing. While the campaign brought the conglomerate’s dollar bonds back from distressed territory, the continued equity selloff is an indication that more is needed.

The group has tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show. Rating agencies have also revised the outlook for some companies, including Adani Green Energy Ltd. and Adani Ports & Special Economic Zone Ltd.

“Capex and debt remain major concerns,” said Sameer Kalra, founder of Target Investing in Mumbai. “These can further weigh on valuations.”

Adani and his companies are now prioritizing financial health over aggressive debt-fueled expansion spree of recent years. The group’s focus has shifted to cash conservation, debt repayment, and recovering pledged shares as it attempts to repair the damage caused by Hindenburg’s report.

Read: Adani Maps Comeback Strategy After $135 Billion Hindenburg Rout

(Updates with analyst comment in the fifth paragraph)

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