New Delhi: Shares of Adani group firms have faced heavy drubbing since Tuesday’s close last week after US-based short seller Hindenburg Research made damaging allegations against the conglomerate. Most of the group firms fell for the third day running on Monday. Since Tuesday’s close last week, shares of Adani Total Gas tanked by 39.57 percent, Adani Transmission tumbled 37.95 percent, Adani Green Energy declined 37.93 percent, Ambuja Cements went lower by 22.28 percent and Adani Ports fell 21.55 percent on the BSE.

In three days, shares of ACC tanked 18.47 percent, Adani Enterprises fell 16.38 percent, Adani Wilmar dipped 14.25 percent, Adani Power (14.24 percent), and NDTV (14.22 percent). The group firms have collectively lost over Rs 5.56 lakh crore in market valuation between Tuesday last week and Monday. (Also Read: Best Girl Child Investment Plans 2023: THESE are 5 Schemes to Consider in India)

Stock markets were closed on Thursday on account of Republic Day. On Friday, the Adani group stocks fell up to 20 percent after Hindenburg Research made damaging allegations. Banking counters and the Life Insurance Corporation of India (LIC) have also faced the heat amid concerns over their exposure to the Adani group firms. (Also Read: PNB Q3 net profit falls 44% to Rs 629 crore weighed by higher provisions)

In three days, shares of Bank of Baroda declined 10.93 percent, State Bank of India fell 9.42 percent and Life Insurance Corporation tanked 6.52 percent. The Hindenburg Research report came two days before Adani Enterprises’ Rs 20,000 crore Follow on Public Offer (FPO) that opened for subscription on January 27.

Meanwhile, Hindenburg Research has rejected Adani Group’s charge that its report was an attack on India, saying a “fraud” cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations.

Commenting on the 413-page reply that Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through “systematic loot”.

Hindenburg stood by its last week’s report that said its two-year investigation found Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. Meanwhile, in the broader market, the 30-share BSE Sensex ended 169.51 points or 0.29 percent higher at 59,500.41 after volatile trading during the day.