Shares of the Adani Group continue to decline for the fifth consecutive trading session on Wednesday with the rout beginning soon after a report by US-based firm Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens, reported PTI.

Adani Total Gas saw the steepest decline during Wednesday’s trading session by 10% to Rs 1,901.65 on the Bombay Stock Exchange. Adani Power slid 4.98% to Rs 212.75. Adani Transmission declined 2.46% to Rs 1,730.25. Adani Green Energy ended at Rs 1,153.35, dropping by 5.78%.

Adani stocks continued to decline even as Sensex made gains of 158.18 points to end at 59,708.08, riding ont he budget announcements.

Hindenburg had claimed in its report published on February 25 that key listed companies of the Adani Group are on a “precarious financial footing”. It had also alleged that the conglomerate headed by Gautam Adani has amassed substantial debt by pledging overvalued shares.

The report had claimed that the Adani Group has over the decades been involved in stock manipulation, accounting fraud, used offshore shells for money laundering and siphoned money from listed companies.

As the rout deepens, Gautam Adani has lost the title of Asia’s richest person to his rival industrialist Mukesh Ambani, the chairperson of Reliance Industries, reported Forbes. On Wednesday, Adani slipped to 15th on Forbes rich list with an estimated $75.1 billion below Ambani, who has an estimated $83.7 billion.

Shares of the Adani Group had started dwindling soon after the report came out. On Monday, the losses in investor wealth in Adani stocks rose to nearly Rs 5.4 lakh crore in afternoon trading, according to Reuters.

Adani and Hindenburg have indulged in verbal rebuttal since the allegations. The conglomerate has invoked nationalism to defend itself and called the report a “calculated attack” on India and its institutions.

However, Hindenburg has rebutted that Adani Group cannot conceal its fraud by draping itself in the national flag.

“We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,” Hindenburg Research said in a statement. Its said that the Adani Group had not given specific answers to 62 of the 88 questions the research firm had posed in its report.

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