Shares in the main listed arm of Indian billionaire Gautam Adani's company fell 25% on Tuesday before recovering marginally as election results indicated a smaller majority for Prime Minister Narendra Modi's party.
Adani, a Gujarat native, has long been seen as a close friend of Hindu nationalist Modi.
Opposition parties and other opponents have accused Adani of using their connection to unjustly gain contracts and dodge adequate supervision.
Adani Enterprises reduced losses somewhat, closing 19 per cent down at $35.33 (2,950 rupees) per share, down $6.44 from Tuesday's beginning.
Other Adani Group firms' shares fell as well, with broadcaster NDTV down 19% and the conglomerate's ports section closing down 21%.
"When Modi loses, the stock market says... Adani will go too," leading opposition leader Rahul Gandhi said at a news conference.
"This means there is a direct relationship, a relationship of corruption."
Adani firms were the largest negative movers on the Mumbai stock exchange's worst day since the coronavirus outbreak four years ago, with the Sensex benchmark finishing 5.7 per cent down.
Exit polls forecast a landslide win for Modi's Bharatiya Janata Party (BJP) and its allies in this year's election.
With more than 95% of votes tallied, election commission data showed Modi on track to win a third term, albeit with a much smaller majority.
Last year, Adani Group's market value was slashed by more than $150 billion last year after a bombshell study by US investment research company Hindenburg Research accused it of "brazen" corporate malfeasance.
The family-run conglomerate's founder saw his wealth plummet by almost $80 billion as a consequence, although both Adani and his company have subsequently recovered much of those losses as public attention has subsided.
Adani Group has refuted the report's claims of fraud, describing it as a "deliberate attempt" to harm his conglomerate's reputation for the benefit of short-sellers.|BGNES
