TNI Bureau: The Hindenburg Research report continues to affect the company and wealth of Indian tycoon Gautam Adani, the chairman of the Adani Group of companies.

The Adani Group of companies is said to have lost over $48 billion (Rs 4,17,824.79 crore) in two days following the report of the Hindenburg Research.

The Hindenburg Research report did not affect the wealth of Adani alone, but also the stock market also fell for the second straight day. It reportedly lost over 800 points to settle at 59,331.

A report by the Times Of India revealed that Adani Enterprises lost more than 18% on Friday and is now priced at Rs 2,762.

Similarly, the Adani Ports crashed 16% while the Adani Transmission and Adani Green Energy crashed 19.99% each.

Likewise, Adani Total Gas was hit lower circuit of 20% and Adani Power was hit its lower circuit of 5%.

The market valuation of Adani Total Gas plummeted Rs 1,04,580.93 crore, while that of Adani Transmission eroded by Rs 83,265.95 crore, said the report.

Similarly, Adani Enterprises market capitalisation (mcap) fell by Rs 77,588.47 crore, Adani Green Energy lost Rs 67,962.91 crore and Adani Ports (Rs 35,048.25 crore), it added.

In addition, US bonds of Adani firms have also plunged in the last 2 sessions.

The investor research firm Hindenburg Research, which specialises in short selling, accused the Adani Group of “brazen stock manipulation and accounting fraud scheme over the course of decades”.

Hindenburg Research disclosed in the report that it has “taken a short position in Adani Group Companies through U.S.-traded bonds and non-Indian-traded derivative instruments”.

Life Insurance Corporation (LIC), the single largest non-promoter domestic shareholder in five of the biggest Adani Group companies by market capitalisation, has been hit hard due to the crisis.