Shares of Adani Enterprises, the flagship company of the Adani Group, rose up to 25% on Tuesday as the firm managed to recover some of the massive losses it suffered since facing allegations of fraud and stock manipulation.

At 3 pm, share prices of Adani Enterprises were up more than 16%, while three other stocks of the group – Adani Ports (1.26%), Adani Transmission (0.5%) and Adani Wilmar (5%) were also making gains.

As a result, the $118 billion (Rs 9.7 lakh crore) loss accumulated by the Adani Group over the last eight trading sessions has now been trimmed to $112 billion (Rs 9.2 lakh crore), according to Bloomberg.

However, Adani Power, Adani Green Energy and Adani Total Gas were down 5% each on Tuesday.

The gains in Adani Enterprises and other group companies came a day after promoters of the conglomerate announced prepayment of $1.114 billion (around Rs 9,215 crore) on loans taken from banks and financial institutions against pledged shares in Adani Ports, Adani Green Energy and Adani Transmission.

The Adani Group said that the decision had been taken “in light of recent market volatility and in continuation of the promoters’ commitment to reduce the overall promoter leverage backed by Adani listed company shares”, reported Moneycontrol.

However, the decision could not arrest the slide of the group’s shares even on Monday as six of its firms finished with losses.

The combined market capitalisation of the group companies has eroded by more than Rs 9 lakh crore since January 24, when United States-based short-seller Hindenburg Research said that the conglomerate is on a “precarious financial footing”. It alleged that the Adani Group has amassed substantial debt by pledging overvalued shares.

Since then, the group has made losses in the share markets on a daily basis, its bonds have hit distressed levels and Adani Enterprises had to call off its Rs 20,000 crore follow-on public offering.