Shares of Adani Enterprises slid further on February 27, nearing its 52-week low of Rs 1,017.

At 1:30 pm, the stock was down about 12% from its previous close. However, some buying came at lower levels, with shares paring losses of a few percentage by 1:45 pm.

The stock has lost two-thirds of its value since the explosive short-selling report on January 24. Hindenburg Research has accused Adani Group of fraud, stock manipulation and accounting irregularities, all of which have been denied by the group. Adani Enterprise has lost about three-quarters of its value from a 52-week high of Rs 4,189.55 hit in December 2022.

In the options market, bulls and bears battle at 1,200. Some puts are writing at 1,100, which means it is becoming a local support area. On the other hand, there are plenty of bullish positions at the 1,300 level, as it remains a resistance level for the stock.

Other Adani group shares also fell. Adani Green Energy, Adani Power, Adani Total Gas and Adani Transmission continued to lock in their lower circuits. Adani Wilmar and NDTV also fell 5%. The group’s two value stocks, ACC and Ambuja Cement were trading down 3-5%.

Due to the ongoing sell-off, the group’s valuation also fell below Rs 7 lakh crore for the first time since August 2021.

Meanwhile, Adani Group this week embarked on a charm offensive with Asian fixed-income investors to stem the fallout.