Index provider MSCI said on Saturday it was seeking feedback on Adani Group and associated securities and was apprehensive of a report issued by short-dealer Hindenburg Research.

Seven listed companies of the Adani empire- controlled by one of the world’s richest men Gautam Adani- have lost a combined$ 48 billion in request value and U.S. Bonds of Adani enterprises have fallen since Hindenburg on Tuesday flagged enterprises about debt situations and the use of duty havens.

” MSCI is nearly covering intimately available information regarding the situation and the factors that may impact the eligibility of those applicable securities for the MSCI Global Investable Market indicators,” it said in a statement.

It has dismissed the Hindenburg report as unwarranted and said it was considering whether to take legal action against the New York-grounded establishment.

India’s capital requests controller was studying the Hindenburg report as it may help its inquiry into coastal fund effects of Adani Group, Reuters reported on Friday.

Billionaire U.S. Investor Bill Ackman on Thursday described the Hindenburg report as” largely believable and extremely well delved “.