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The Rs 20,000 crore share sale of Adani Group’s flagship firm was fully subscribed on Tuesday after non-retail investors bid in big volumes, stock exchange data showed.

As many as 4.62 crore shares were sought against an offer of 4.55 crore.

Non-institutional investors put in bids for over three times the 96.16 lakh shares reserved for them, while the 1.28 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed, according to the BSE data.

There was, however, a muted response from retail investors and company employees.

Retail investors, for whom roughly half of the issue was reserved, bid for just 11% of the 2.29 crore shares earmarked for them. Employees sought 52% of the 1.6 lakh shares reserved for them.

Adani Enterprises Ltd. launched its follow-on public offering on Friday. The Adani Group’s flagship company is offering shares on a partially paid basis, aggregating up to Rs 20,000 crore, it said in its red herring prospectus filed with markets regulator the Securities and Exchange Board of India (SEBI).

The company has pegged the floor price for the issue at Rs 3,112 per share, and the cap price at Rs 3,276 apiece, according to the red herring prospectus.

Shares of most of the Adani Group firms were trading in the negative territory on Tuesday morning, falling for the fourth day running, amid concerns over US-based short seller Hindenburg Research’s report.

Hindenburg released the report on January 24 when Adani Enterprises’ Rs 20,000 crore follow-on share sale opened for investors.

Adani Group stocks have taken a beating on the bourses after Hindenburg in a report made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. It has rejected the allegations.

For the fourth day running, shares of Adani Total Gas tanked 10%, Adani Green Energy tumbled 9.60%, Adani Transmission declined 8.62%, Adani Wilmar (5%), Adani Power (4.98%), NDTV (4.98%), and Adani Ports (1.45%) on the BSE.