Watering issues are the most common reason for Elephant Bush leaves falling off. In fact, underwatering and overwatering can both cause leaves to drop.
As a survival mechanism during times of drought or underwatering, the plant drops leaves to conserve its water storage. Additionally, leaves will also appear shriveled and flat. Also, leaves will feel flat and deflated to the touch as the plant continues to lose its water supply.
Giving you Elephant Bush a good drink of water should allow the plant to perk back up in a day or two. Water again only when the soil is completely dry. This can be anywhere between 1-2 weeks depending on your climate and sunlight. I typically water once every two weeks as I am in sunny Southern California.
Alternatively, your Elephant Bush dropping leaves could be from an overwatered plant. However, instead of flat, shriveled leaves, they will be soft and mushy. Additionally, leaves may also take on a lighter, more translucent color.
If you are overwatering, immediately stop and give your Portulacaria plenty of indirect light so it can dry out faster. Again, only water when the soil is completely dry.