The namesake conglomerate of India’s richest man, Gautam Adani, fired back at an American short-seller, but the group’s 413-page response didn’t stop a slide in the shares and bonds of its companies on 30 January.

On 29 January, the energy and infrastructure group released a strongly worded document addressing the allegations of fraud and misconduct put forth last week by Hindenburg Research. The New York-based firm, which was founded by Nathan Anderson, alleged that stock manipulation and questionable business and accounting practices had caused the market valuation of Adani’s key listed companies to appreciate sharply over the past few years.