Malori suffered head injuries and a broken collarbone, and it was reported that he was unconscious immediately after the incident.
Malori was riding at the front of the peloton with around 30km to go in support of his Movistar team-mates when he appears to have hit a bump or hole in the road, sending him crashing to the ground. A swathe of riders behind him - including the majority of his team-mates - also crashed.
Malori is in the Hospital San Luis, and his team issued a short statement on Saturday saying that the 27-year-old Italian time trial champion and world TT championship silver medallist's condition was improving.
"Adriano had a comfortable night," read the statement. "His condition is stable and there are signs of improvement. This afternoon he will undergo further examination. The Hospital San Luis will issue a bulletin later today."
Movistar also confirmed that Nairo Quintana, Daniel Moreno and Marc Soler were also injured. Quintana is currently third overall, behind race leader Eduardo Sepulveda (Fortuneo-Vital Concept) and younger brother Dayer Quintana (Movistar).
Several other riders were injured in the crash: Etixx-QuickStep riders Rodrigo Contreras and Fernando Gaviria were injured, with Contreras requiring 15 stitches in his knee and Gaviria withdrawing from the race due to a fractured arm.
Thank you for reading 5 articles this month* Join now for unlimited access
Enjoy your first month for just £1 / $1 / €1
*Read 5 free articles per month without a subscription
Join now for unlimited access
Try first month for just £1 / $1 / €1