Shares of Adani Enterprises fell to Rs 2,712 ($33), its lowest point in the day, well below the FPO price band of Rs 3,112-3,276 per share.
The Hindenburg Report accused the Adani group of engaging in “a brazen stock manipulation and accounting fraud scheme over the course of decades”.
It claimed that Adani’s elder brother Vinod managed “a vast labyrinth of offshore shell entities” in tax havens including Mauritius, Cyprus and several Caribbean islands.
The Mumbai Stock Exchange’s benchmark Sensex closed 1.45 per cent lower on Friday afternoon, mainly pulled down by Adani Marg.