Individual investors have been rattled by the Adani news. I don't believe its over yet, so I'm not going to call a bottom here. From a valuation point of view, those sort of companies cannot be justified, so there is still hope in the company and stock, but until we reach disillusionment stage, don't buy.
There are various technical target levels for the price of Adani Enterprise, which if breached could see it go down to ₹400-500 level. That is when everyone throws in the towel. That's when this could be over.
But having said this, the impact of Adani stocks on the Indian markets have been very little. What this indicates is that India =/= Adani. India is a bigger story, comprised of many companies that form India Inc. We have to take a step back and observe, and then invest. Until then, we follow one of our strategies.