Equity benchmarks Sensex and Nifty fell in early trade on Friday dragged down by banking shares and Reliance Industries along with continuous foreign fund outflows.

The 30-share BSE benchmark tanked 578.19 points to 59,626.87 in initial trade. The broader NSE Nifty fell 144.7 points to 17,747.25.

Shares of India's Adani Enterprises sank 20% on Friday as a scathing report by a U.S. short seller triggered a rout in the conglomerate's listed firms, casting doubts on how investors will respond to the company's record $2.45 billion secondary offer, according to a Reuters report.

Seven listed companies of the Adani conglomerate - controlled by one of the world's richest men Gautam Adani - have lost a combined $48 billion in market capitalisation since Wednesday, with U.S. bonds of Adani firms also falling after Hindenburg Research flagged concerns in a Jan. 24 report about debt levels and the use of tax havens.

The rout took shares of Adani Enterprises, the group's flagship company, well below the offer price of its secondary sale, which had initially been offered at a discount.

Netizens took to Twitter to present their hilarious thoughts on the Adani-Hindenburg situation. Here are some of the funny reactions and memes which is suggestive of a stock market crash.