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Mutual funds have low exposure to listed Adani Group companies, whose shares have dropped since publication of a report into the group by Hindenburg Research on Jan. 24.

On Wednesday, Adani Group stocks extended their losses since the appearance of the report to $72 billion. Hindenburg criticised the conglomerate for improper use of offshore tax havens and flagged concerns about high debt.

In the same period, Indian equity mutual funds have on average lost 1.6% of their net asset values, less than a 2.5% dip in the broad Nifty 50 index that has been partly driven by falls in Adani Group companies.

Mutual funds from India and elsewhere hold just 3.4% of Adani Enterprises, 2.8% of Adani Total Gas and 3.6% of Adani Green Energy. Promoters of the companies hold most of the shares.

Adani Enterprises and Adani Port are constituents of the Nifty 50, so they are automatically in portfolios of some exchange-traded funds (ETFs) and index funds. But active funds have very little exposure to Adani stocks and are largely unscathed by their fall.

Funds with biggest holdings in Adani group of companies https://fingfx.thomsonreuters.com/gfx/mkt/mypmoknodpr/Funds%20with%20biggest%20holdings%20in%20Adani%20group%20of%20companies.jpg

U.S.-listed iShares MSCI India ETF, which at the end of December had a combined holding of $172 million in Adani Transmission, Adani Total Gas and Adani Enterprises, has lost 2.7% over the past week.

Among active funds, the Kotak Balanced Advantage fund, which has positions in Adani Enterprises and Adani Ports and Special Economic Zone, has shed just 0.5%.