Adani Group shares remained under pressure on Friday, plunging up to 20 per cent in morning trade after the allegations by US-based investment research firm Hindenburg Research. Shares of Adani Total Gas declined 19.65 per cent, Adani Transmission 19 per cent, Adani Green Energy 15.50 per cent and Adani Enterprises 6.19 per cent. Besides, Adani Ports and Special Economic Zone 5.31 per cent, Adani Wilmar 5 per cent and Adani Power fell 4.99 percent.

In the broader market, the 30-share BSE benchmark was trading 1,106 points, or 1.84 per cent, lower at 59,098.37 in the afternoon session due to heavy selling in financial, banking, oil and IT stocks. Led by Tata Motors and Bajaj Auto, BSE Auto index reversed course and was the only sectoral index to trade in green in the morning session.

Tata Motors was the major gainer in the Sensex scrip, rallying 5.14 per cent as the auto maker looked to be on the rise again in the December quarter after two years. Bajaj Auto jumped 6 per cent, while the BSE Auto index was marginally higher at 29,619.19.

The Adani Group on Thursday said it is examining legal options to take “punitive action” against Hindenburg Research for “negligence”, an attempt to sabotage a mega share sale in the group’s flagship firm – a statement, to which the American activist investor responded by saying that they stand by their report. In this report, the group is accused of openly manipulating the shares in the market and accounting fraud.

Adani Group chief Jatin Jalandhwala said in a statement, “The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023 has adversely affected the Adani Group, our shareholders and investors. The volatility created in the stock markets is a matter of great concern and has caused undue suffering to Indian citizens. He said the report and its baseless content were designed to have a detrimental effect on the share prices of Adani group companies, as the Hindenburg Research, by its own admission, is poised to take advantage of the fall in Adani’s shares.