Erstwhile darlings such as consumer-goods seller Hindustan Unilever, Nestle India and soft drink maker Dabur India have also suffered heavy reversals in their shares as results have disappointed investors. And there are expectations Adani's alleged disclosure lapses will bring broader scrutiny and more intense due diligence.

Both houses of Indian parliament were suspended temporarily on Thursday within minutes of opening as opposition lawmakers disrupted proceedings for the third day this week seeking a discussion on allegations against the Adani Group.

India’s opposition is protesting the government’s silence over allegations against billionaire Gautam Adani, who was recently indicted in the U.S. for alleged fraud and a scheme to pay bribes.