On Wednesday, after a report claiming that Swiss investment bank Credit Suisse stopped accepting bonds of Adani Group companies as collateral for margin loans to its private banking clients, Adani Group stocks suffered a massive downfall.

The flagship Adani Enterprises Ltd (AEL) fell the most, losing 28.2 percent to end at ₹2,135.35 on the NSE, just a day after AEL successfully closed its follow-on public offer (FPO) raising ₹20,000 crores in the price band of ₹3,112-3,276 a share. A Bloomberg report stated that Credit Suisse’s move is a sign that scrutiny of billionaire Gautam Adani’s finances is growing after allegations of fraud by short-seller Hindenburg Research. In its report on January 25, Hindenburg Research had alleged Adani Group of stock manipulation and fraud, which was discredited by Adani terming it debunked allegations and an attack on India. Further fuelling the negative sentiment against Adani is the report from Australia’s Sydney Morning Herald citing unidentified sources, stating that the Australian corporate regulator was reviewing the Hindenburg allegations against Adani Group.

Four of the 10 Adani portfolio companies had only sellers on the counters on Wednesday. These included Adani Total Gas (-10 percent), Adani Power (-4.9 percent), Adani Wilmar (-5 percent), and NDTV (- 5 percent). The Ports arm, Adani Ports and Special Economic Zone (APSEZ) was down 19 percent to close at ₹495.15. The stock was traded with heavy volumes of 4.65 crore shares. Cement makers Ambuja Cements and ACC lost 16.72 percent and 6.19 percent respectively to end at ₹334.10 and ₹1,846.45 respectively on the NSE. Adani Green Energy and Adani Transmission lost 5.6 percent and 2.85 percent, respectively, to end at ₹1,155.35 and ₹1,723.50.