MUMBAI - India's Adani Group will decide on divesting its stake in Adani Wilmar, its joint venture with Singapore-based Wilmar International, in the next three months, group chief financial officer Jugeshinder Singh said on Friday.

"We are currently studying whether to keep or divest Wilmar stake," Singh said on the sidelines of an event in Mumbai.

The Gautam Adani-led group holds a 44% stake in the fast-moving consumer goods JV and has been considering a potential sale of its stake for a few months, Bloomberg News reported in August, adding that the billionaire and his family may retain a minority stake in a personal capacity.

Adani Wilmar posted a loss for a second consecutive quarter in November.

The Adani Group is recovering after a Jan. 24 report from U.S. short-seller Hindenburg Research raised concerns over debt levels and the use of tax havens, wiping out nearly $147 billion worth of market cap.

Shares of its group companies have rebounded but are still down around $120 billion in value.

India's markets regulator is currently investigating the group under orders of the Supreme Court.

Adani Wilmar shares, which are down 45% so far this year, closed down 0.1% on Friday.

(Reporting Dhwani Pandya in Mumbai; Writing by Sethuraman NR in Bengaluru; Editing by Nivedita Bhattacharjee and Sohini Goswami)