India's Adani Group conglomerate said Wednesday it had lost almost $55 billion in a stock market rout since US prosecutors last week accused its founder and other officials of fraud.

India’s Adani Group announced on Wednesday that it had suffered nearly $55 billion in market losses following allegations of fraud levelled against its founder and senior officials by

The recent bribery charges by US authorities, made public last week, have led to several countries revisiting or cancelling deals with the group.

Hundreds of supporters of India’s main opposition party have protested against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and bribery, and accused the government of protecting the Indian coal magnate whose companies’ shares have plunged since the charges last week.