Adani’s Australian mining arm says its business fundamentals remain strong after Indian billionaire Gautam Adani’s companies ended the week with market losses passing $140 billion.

The market meltdown came after short-sellers Hindenburg Research released a report accusing the Adani Group of stock manipulation and accounting fraud.

The group’s interests include the Carmichael coal mine in Central Queensland, which has been operating for about 18 months, and the North Queensland Export Terminal at Abbot Point near Bowen.

Bravus Australia said the Hindenburg report presented transactions related to the Australian businesses in a misleading way to purposefully undermine the reputation of the Adani Group, in order to pursue their own profit by short-selling shares in Adani Group companies.

“Our balance sheet is very healthy with strong cashflows and secure assets and we have an impeccable track record of servicing our debt,” a company spokeswoman said.

“There is no impact on our existing operations and future plans.”

The fallout from the report saw Adani Group scrap a $3.5 billion share sale this week.

ABC News reports that both houses of India’s parliament adjourned on Friday as upset MPs demanded an inquiry after the plummet in Adani stock market values.

It says the listed Adani firms now have a combined market value of $US107.5 billion ($156 billion), versus $US218 billion ($315 billion) before the report.

Adani Group described the Hindenburg Research report as a malicious combination of selective misinformation and stale, baseless and discredited allegations that had been tested and rejected by India’s highest courts.

It has issued a detailed rebuttal of the allegations of wrongdoing, running into more than 400 pages (Click HERE).