Shares of the Adani group of companies continued to be under pressure in intraday trading on Wednesday, falling 9% on the BSE. Adani Enterprises fell 9% to Rs 1,426. Meanwhile, Adani Power at Rs 162.60, Adani Transmission at Rs 788.75, Adani Total Gas at Rs 834.95, Adani Green Energy at Rs 539.30 and Adani Wilmar at Rs 390.35 are locked at a 5% lower circuit, and only sellers are seen on these counters.

Meanwhile, shares of Ambuja Cements at Rs 337.75, Adani Ports and Special Economic Zone at Rs 558.45 and New Delhi Television (NDTV) at Rs 201.10 were all down 4%, with ACC down 3% to Rs 1,775 in intraday trade. The S&P BSE Sensex was down 0.93% at 60,109 at 11:31 am.

Over the past month, the market price of Adani Total Gas has dropped 79% following the release of a report by US-based Hindenburg Research on January 24 alleging accounting fraud and stock manipulation. While Adani Green Energy and Adani Transmission plummeted 73% and 71%, the remaining group shares fell between 25% and 60%. The group has repeatedly denied the allegations. In comparison, the S&P BSE Sensex lost 1.9% last month.

According to Bloomberg, Gautam Adani and his company are now prioritising financial health over the aggressive debt-fuelled expansion spree of recent years. The group’s focus shifted to conserving cash, paying off debt, and recovering pledged stock from repairing the damage caused by the Hindenburg Report.

Meanwhile, Reuters reported that Adani Transmission executives told an investor call on Tuesday that a debt refinancing plan would be announced within weeks, citing a person with direct knowledge of the matter.