Indian shares are set for a muted start on Wednesday, with focus on Adani Group stocks amid deepening trouble at the conglomerate after the US indicted its top executives over alleged bribery.

The Gift Nifty futures were trading at 24,264, as of 08:37 a.m. IST, indicating that the benchmark Nifty 50 will open near Tuesday’s close of 24,194.5.

Adani Group’s troubles widened on Tuesday as two more credit rating agencies cut their outlook and Sri Lanka said it was reviewing any potential fallout from the group’s projects in the island nation.

India’s Andhra Pradesh state will likely suspend a power purchase deal linked to the group, Reuters reported citing sources.

Adani Group stocks have lost about $34 billion in market value since the indictment in four sessions till Tuesday on worries about the implications of the charges.

The Group has denied the allegations, terming them “baseless”.

Meanwhile, other Asian stocks were also muted, while the US yields rose after Federal Reserve’s policy minutes showed uncertainty over the rate cut trajectory.

Indian shares advance as ruling party sweeps key state election

Foreign institutional investors (FII) net bought Indian shares for the second session in a row on Tuesday, after snapping a record 38-session selling streak on Monday.

The Nifty 50 is about 8% below the record highs of Sept. 27, after slipping into correction earlier in the month, hurt by dull corporate earnings and foreign outflows.

Among individual stocks, power generating company NTPC and NTPC Green will be in focus, with the latter set for its stock market debut.

The renewable energy arm of state-owned NTPC garnered bids worth $1.83 billion for its $1.2 billion initial public offering (IPO) last week.