The sell-off in India’s Adani Group’s seven listed companies, where more than $110 billion in market value has already evaporated, continued on Monday as a U.S. short-seller’s report critical of the group’s finances now led to credit warnings.

Ratings agency Moody’s warned on Friday that the group may struggle to raise capital and S&P cut its outlook on two group companies, the latest fallout of Hindenburg Research’s Jan. 24 report that questioned the conglomerate’s debt levels and use of tax havens.

Shares of Adani Enterprises Ltd (ADEL.NS) sank 9.6% on Monday, taking the group’s flagship company’s losses to nearly $28 billion since the report.

Adani Transmission Ltd (ADAI.NS) dropped 10%, while Adani Green Energy Ltd (ADNA.NS), Adani Total Gas Ltd (ADAG.NS), Adani Power (ADAN.NS), and Adani Wilmar (ADAW.NS) fell roughly 5%.

Adani Ports and Special Economic Zone (APSE.NS) was the only stock in green, with a 1.2% rise.

India’s market regulator moved to calm investor concerns on Saturday, saying that its financial markets remain stable and continue to function in a transparent and efficient manner, despite recent dramatic stock falls in Adani Group companies.