Before the critical report by U.S. short-seller Hindenburg, Adani had ranked third. The report by Hindenburg Research last week alleged improper use by the Adani Group of offshore tax havens and stock manipulation. Adani Power (ADAN.NS) fell 5%, while Adani Total Gas (ADAG.NS) slumped 10%, down by its daily price limit. Headaches for the Adani Group are expected to continue for some time. Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

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