India’s Adani Group, one of the largest conglomerates in the country, has been facing a tumultuous few days. On Tuesday, Adani announced that its $2.5 billion share sale was still on track, despite bankers considering changes to the plan. However, in the 48 hours since then, the empire of billionaire Gautam Adani has lost $51 billion in market capitalization.

The decline has been attributed to a short-seller report which called for more scrutiny and transparency in the Adani Group’s operations. The report sent shockwaves through the markets and caused Adani’s stocks to be listed on various indexes at risk.

The Indian State Insurer has since doubled down on Adani, claiming that the Group is a reliable source of income for the country. This has done little to quell the fears of investors, however, as the Group’s shares have steadily declined since the report was released.

The future of the Adani Group remains uncertain, as it is unclear how the markets will respond in the coming days. For now, all eyes are on the Group as investors and analysts wait to see how the situation will develop.