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Shares of Adani Group firms have faced heavy drubbing since Tuesday’s close last week after US-based short seller Hindenburg Research made damaging allegations against the conglomerate.

Most of the group firms fell for the third day running on Monday.

Since Tuesday’s close last week, shares of Adani Transmission have tumbled 41.66%, Adani Total Gas tanked 39.57%, Adani Green Energy declined 37.55%, and Adani Ports fell 23.75% on the BSE.

The calculation takes into consideration Tuesday’s closing price to Monday’s intra-day lows of all Adani firms.

Shares of Ambuja Cements declined 22.77%, ACC tanked 20.32%, Adani Enterprises fell 19.51%, Adani Wilmar dipped 14.25%, Adani Power (14.24%), and NDTV (14.22%).

Stock markets were closed on Thursday on account of Republic Day.

On Friday, the Adani Group stocks fell up to 20% and lost more than Rs 4.17 lakh crore from the combined market valuation of listed firms after Hindenburg Research made damaging allegations.

Banking counters and the Life Insurance Corporation of India (LIC) also faced the heat amid concerns over their exposure to the Adani Group firms.

In three days, the Bank of Baroda declined 13%, the State Bank of India fell 10.77%, and LIC tanked 8.90%.

US-based short seller Hindenburg Research has rejected Adani Group’s charge that its report was an attack on India, saying a “fraud” cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations.

Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future, and it was Adani Group which was holding it back through “systematic loot”.

Hindenburg stood by its last week’s report that said its two-year investigation found Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.

The 30-share BSE Sensex traded 133.06 points lower at 59,197.84 in afternoon trade.