State-run Life Insurance Corporation (LIC) (LIFI.NS), India’s largest insurer, is reviewing Adani Group’s response to scathing criticism by a U.S. short-seller and will hold talks with the group’s management within days.

LIC has invested more than $4 billion in the group, which has lost about $66 billion since Hindenburg Research flagged concerns early last week about the business house’s debt levels and the use of tax havens.

Adani, founded by Asia’s richest person, Gautam Adani, says it complies with all local laws and has made the necessary regulatory disclosures.

“Presently there is a situation that’s emerging and we are not sure what is the factual position … Since we are a large investor, we have the right to ask relevant questions and we will definitely engage with them,” LIC Managing Director Raj Kumar told Reuters.

LIC says it has invested 364.7 billion rupees ($4.47 billion) in Adani companies, about 1% of its assets under management.

“Of course, we are studying the 413-page reply given by Adani Group,” Kumar said on Monday about the group’s response to concerns raised by Hindenburg.

“We will also see if the concerns are addressed. If we believe the concerns are not addressed, we will seek further clarification from them.”