BENGALURU, Aug 12 Reuters Adani Group companies shed as much as 19 billion in market value on Monday but recovered much of the losses after Hindenburg Research accused the head of India39;s market regulator probing the group of having links to offshore funds also used by Adani.

In morning trade, the group39;s flagship firm Adani Enterprises fell 2, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions fell between 2 and 4.5.

Adani Enterprises and Adani Ports were among biggest losers on the bluechip Nifty 50 index, which reversed course from early losses to last trade up 0.4. Total losses in morning trade fell to 9 billion after the early plunge.

The allegations are coming for the second time. Lot of investigations have happened over the last year and a half. This is a temporary, kneejerk reaction. Things will get back to normalcy, said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

Citing whistleblower documents, Hindenburg said on Saturday that Securities and Exchange Board of India SEBI Chair Madhabi Puri Buch and her husband held stakes in an offshore fund where a substantial amount of money was invested by associates of Vinod Adani, brother of Gautam Adani, the group39;s billionaire founder.

Buch said the report39;s allegations were baseless. Adani rejected the allegations on Sunday and said its overseas holding structure was fully transparent.

The SEBI asked investors on Sunday to…