Adani group can’t bounce back from slump. Stocks continue to fall today. After the release of the Hindenburg Research report, the value of Adani Group’s shares has halved. 120 billion dollars in value. Adani shares fell sharply following selling pressure.

At one stage, it recorded a fall of close to 30 percent, but later the price rallied marginally and reduced the loss to 11 percent. In the last three days, the price of Adani Enterprises has fallen by 60 percent. Adani Green Energy fell 51 percent, Total Gas 58 percent and Transmission 50 percent. Hindenburg raised the allegation that Adani shares are being held by manipulation.

Meanwhile, the Adani Group approached the Supreme Court seeking an inquiry against US-based financial research firm Hindenburg Research. A PIL has been filed demanding an inquiry into Hindenburg founder Nathan Anderson. Lawyer ML Sharma has sought action against Andersen and compensation to those who invested in Adani Group companies, India Today reported.

In the Supreme Court petition in the Adani Enterprises case, Andersen has been referred to as a ‘short seller’. The petition sought action against him for ‘cheating innocent investors’ of Adani group companies. Reliance Industries Chairman Mukesh Ambani has overtaken Gautam Adani to top Bloomberg’s India Billionaires Index, following a series of setbacks. According to Forbes data, Adani, which was ranked second in the global wealth list last year, is now ranked 16th. The Gujarat businessman’s net worth is now 69 billion dollars.

Meanwhile, Adani was hit by global banks stopping accepting bonds of Adani group companies as collateral for loans. Zurich-based Credit Suisse and New York-based Citigroup said they would not accept Adani’s bonds. In this regard, the financial institutions have given instructions to the private banks under them.