New Delhi, Jan 31 (PTI) 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 -- the day on which Adani Enterprises' Rs 20,000-crore follow-on share sale opened for investors.

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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. The allegations have been rejected by the group.

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

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However, Adani Enterprises jumped 5.26 per cent, Ambuja Cements climbed 5.25 per cent and ACC gained 2.91 per cent.

Shares of most of the Adani Group firms had ended lower on Monday as well.

On Friday, Adani Group stocks fell up to 20 per cent after Hindenburg made damaging allegations.

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

Life Insurance Corporation (LIC) issued a statement saying its investments in the group are safe.

"Our total holding in the Adani Group companies under equity and debt on date is Rs 36,474.78 crore. This was Rs 35,917.31 crore as of December 31, 2022. Total purchase value of these equities of the group companies, bought over the past many years, is Rs 30,127 crore and the market value for the same at close of market hours on January 27, 2023 was Rs 56,142 crore," LIC said.

Punjab National Bank (PNB), which has about Rs 7,000 crore exposure in Adani Group entities, however, said it is keeping a close watch on the developing situation.

LIC stock fell 0.82 per cent on Tuesday morning, while PNB climbed 3.74 per cent.

"Markets will keep an eye on Adani Enterprises' Rs 20,000 crore follow-on share sale and traders will be keen to know if it will sail through," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.

In the broader market, the 30-share BSE benchmark quoted 198.15 points or 0.33 per cent lower at 59,302.26.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)