Shares of Adani Group Ltd were mixed on the BSE in intraday trade on Monday after the group issued a detailed pushback on the Hindenburg Research report on Sunday night. In its 413-page response, the group led by Gautam Adani said it was shocked and deeply disturbed to read the report published by “Madoffs of Manhattan”. It further stated that the Hindenburg Research report was nothing but lies.

Among group stocks, Adani Total Gas, Adani Transmission and Adani Green Energy were down 20% on the BSE in intraday trade today. Shares of the three companies have plunged as much as 40% in the past week. Meanwhile, Adani Power and Adani Wilmar are locked in a 5% low on the BSE.

Conversely, Adani Enterprises (Rs 3,038.35), Adani Ports and Special Economic Zone (Rs 658.45) and Ambuja Cements (Rs 419.25) locked in their respective 10% upper circuits on the BSE at 9.30 am. ACC was up 10% at Rs 2,062 in intraday trade on the BSE. The S&P BSE Sensex rose 0.5% to 59,626.

Adani Enterprises clarified on Saturday that its further public offering (FPO) would proceed by the timetable and announced price range. The company said that the issuance time and issue price remain unchanged.

“The further public offering (FPO) of Adani Enterprises Limited is proceeding as planned and at the announced price range. There has been no change to the timetable or issue price. All our stakeholders, including bankers and investors, have full confidence in the FPO. We are Confident in the success of the FPO,” the company said.

According to a notification uploaded on the BSE website, the company allotted 18.2 million shares at Rs 3,276 each to 33 funds, bringing the deal size to Rs 5,985 crore.

Of the Rs 20,000 crore proceeds from the FPO, Rs 10,869 crore will be used for green hydrogen projects, work on existing airports and construction of greenfield highways. Rs 4,165 crore will be used to repay the debt of its airport, road and solar project subsidiaries.

Meanwhile, Adani Group is considering a share buyback in group companies Ambuja Cements and Adani Ports SEZ worth up to Rs 3,000 crore, according to a report in The Economic Times. The newspaper reported that negotiations are at an advanced stage, and the company’s board of directors will make a formal announcement in the coming weeks.