MUMBAI: In its January 24 report on the Adani Group, US-based short-seller Hindenburg Research had said that the seven stocks within the group (that carry the Adani name) were about 85% overvalued.

Almost a month to the day since that damning report made global headlines, one of the group's stocks, Adani Total Gas, is within striking distance of achieving that valuation.

On Wednesday, the stock on BSE closed at Rs 835, down nearly 79% from its January 24 close.

And if one considers the fall in the Ahmedabad-based conglomerate's stock prices since their respective 52-week highs, two more are nearing the 85% mark: Adani Green Energy and Adani Transmission.The stock prices of all the 10 Adani Group companies have been going south since January 25.

Adani Total Gas's stock price closed at Rs 835, its 19th consecutive session of closing at lower circuit in last 20 sessions, starting January 25, a day after Hindenburg accused the group of accounting fraud, stock price manipulation and corporate malfeasance.In its report, Hindenburg said based solely on financials taken directly from Adani companies, the group's stocks appear to be highly overvalued.

"Infrastructure firms are generally relatively sleepy, low growth, low multiple enterprises, yet valuation metrics of the Adani listed companies are comparable to the frothiest of high-growth tech companies.

On a blended basis, compared to industry peers, we see 85%+ downside purely on fundamentals.

"Since January 24, Adani Total Gas, a joint venture between Adani and France's Total Energies, has seen its market value dip by Rs 3.35 lakh crore.

From Rs 4.3 lakh crore, its market cap is now below Rs 1 lakh crore mark, at Rs 91,829 crore, BSE data collated by TOI showed.Other than market's negative perception about the group that is based on Hindenburg report, a serious fallout of the report was decision by the French energy major to put on hold all future investments in the Adani Group till an audit of the Indian conglomerate's affairs was complete, market players said.BSE data also showed that at Wednesday's close at Rs 539, Adani Green Energy is now down 82% from its 52-week high of Rs 3,048 while from its pre-Hindenburg close it has lost 72%.

Along with it, Adani Transmission is down 81% from its 52-week high and 71% from its January 24 close.Combined result of this sustained loss in stock prices has also wiped off a little over 60% of the group's market value in nearly a month.