The market watchdog in India has acknowledged that it is looking into claims made by Hindenburg Research against businesses owned by multibillionaire Gautam Adani.
Additionally, the Securities and Exchange Board of India (SEBI) claims to be monitoring market activity in relation to the report.
Following allegations of market manipulation and financial fraud, the value of Mr. Adani's business empire on the stock market was reduced by over $100 billion (£82 point 3 billion).
The claims have been refuted by Adani Group.
In a Supreme Court filing on Monday, SEBI stated that it was investigating the claims as well as "the market activity immediately prior to and post the publication of the report.".
In a submission to the Supreme Court, SEBI further stated, "SEBI is strongly and adequately empowered to put in place regulatory frameworks for effecting stable operations and development of the securities markets.".
Also on Monday, Adani Group took steps to reassure investors by claiming to have strong cashflows and fully funded business plans.
According to the company, "We are confident in the continued ability of our portfolio to deliver superior returns to shareholders.".
An inquiry for comment from the BBC was not immediately answered by the Adani Group.
Later on Tuesday, Adani Enterprises, the conglomerate's flagship company, is scheduled to report quarterly earnings.
Seven publicly traded companies in Mr. Adani's group operate in a variety of industries, including renewable energy, utilities, ports, and commodity trading.
In a report released last month, short-seller Hindenburg Research, based in the US, claimed that companies belonging to the Adani Group had engaged in decades-long, "brazen" stock manipulation and accounting fraud.
Additionally, it stated that the "substantial debt" owed by its companies put the entire group on "precarious financial footing.".
Shorting an asset involves making a bet that its value will decrease.
Adani Group has previously claimed—without providing any supporting data—that the purpose of the Hindenburg report was to allow the US-based short seller to book profits.
