On Sunday, the energy and infrastructure group released a statement addressing the allegations of fraud and misconduct put forth last week by Hindenburg Research.

Adani Group is down 18.52%. Five of the seven listed Adani Group companies are down.Companies ended the day 16% to 20% lower, and the other two fell by the maximum 5% permitted by India’s exchanges for their stocks. The market’s benchmark Nifty 50 index, which includes two Adani companies, fell to a three-month low.

Bill Ackman of Pershing Square has found the Hindenburg Research report on Adani Group companies to be "highly credible and extremely well researched," he said in a Twitter post.

India’s largest life insurer is investing more money in Gautam Adani’s flagship unit, despite fraud allegations from a short seller that wiped out more than $50 billion of the conglomerate’s market value in two sessions.‍ State-controlled Life Insurance Corp. of India is investing about 3 billion rupees ($37 million) as an anchor investor in a $2.5 billion new share sale by Adani Enterprises Ltd., according to a filing. The investment would add to its current holding of 4.23%.

Nathan Anderson has become known for his stock analysis, which has caused many stocks to drop in value.