[1/2] BJP President Amit Shah and Indian Prime Minister Narendra Modi are seen after the election results in New Delhi, India, May 23, 2019.
The Adani group has denied the allegations and threatened legal action against Hindenburg.
Without referring to Adani, Modi told parliament last week that the "blessings of 1.4 billion people in the country are my protective cover and you can't destroy it with lies and abuses", as opposition lawmakers chanted "Adani, Adani".
Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS) fell too in a wider Mumbai market (.NSEI) that was up slightly.
India's Economic Times daily reported on Tuesday that Adani group executives had been holding negotiations since last week with Abu Dhabi's International Holding Corp (IHC) for capital infusion into Adani Enterprises or other group entities.