Delhi, India: Shares of the majority of Adani Group firms saw steep declines for a third straight trading session as the conglomerate worked to refute allegations made in a report by short-seller firm Hindenburg that it had engaged in stock manipulation and an “accounting fraud scheme.”

After the company published a lengthy response to Hindenburg’s report over the weekend that spanned more than 400 pages and stated that it would exercise its right to “pursue remedies” to protect its investors “before all appropriate authorities,” Adani Enterprises erased earlier gains of up to 10 percent and last traded flat in Mumbai’s afternoon trade.

According to Refinitiv data, the stock price of Adani Enterprises has dropped by more than 25 percent so far this month. It went ahead with a $2.5 billion secondary share offering, but it was overshadowed by a crash that erased a total of $48 billion as of last week’s end.

Adani Green Energy declined more than 19 percent, Adani Total Gas decreased by the daily maximum of 20 percent, and Adani Transmission dropped by 5 percent. Before losing all of its gains, Adani Port initially had moderate gains of around 10 percent. It most recently traded 0.2 percent lower.

Media statement on a report published by Hindenburg Research. pic.twitter.com/ZdIcZhpAQT

— Adani Group (@AdaniOnline) January 25, 2023

The Nifty 50 Index for India fell 0.6 percent on 30th January 2023, hovering at its lowest level since mid-October 2022. In its response published over the weekend, Adani Group referred to Hindenburg’s accusations as a “calculated attack on India, independence, integrity and quality of Indian institutions, and growth story and ambition of India.”

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